ISU Northwest Insurance Services Bloghttp://www.nwinsurance.com/blog/View ISU Northwest Insurance Services's Website Blogen-uspostmaster@www.nwinsurance.comInsurance Website Builder - www.insurancewebsitebuilder.comurn:uuid:17ec8dc6-ebb2-4d47-85d7-115ba9338ad9urn:uuid:9db55142-09c3-4e50-ab1f-613581de2f6ahttp://www.nwinsurance.com/blog/is-dental-insurance-worth-the-cost.aspxIs dental insurance worth the cost?Dental insurance premiums can be more expensive than simply paying out of your own pocket for routine checkups and cleanings. So if you're one of the millions of Americans with no dental coverage, is a policy for your pearly whites worth the cost? Th...Fri, 16 Jun 2017 10:38:24 -0500<p>Dental insurance premiums can be more expensive than simply paying out of your own pocket for routine checkups and cleanings. So if you're one of the millions of Americans with no dental coverage, is a policy for your pearly whites worth the cost? The answer may depend on whether you expect to face aching bills for your teeth.</p>
<p>Most dental insurance policies emphasize prevention and diagnostics, typically covering two annual exams and cleanings, plus X-rays and, for children and older adults, fluoride treatments, says Evelyn Ireland, executive director of the National Association of Dental Plans, or NADP.</p>
<p>But the real benefit is being covered for bigger-ticket procedures, such as fillings, root canals and crowns, says Carrie McLean, a consumer specialist with eHealthInsurance.com.</p>
<p>"It's like health insurance -- you're really buying peace of mind," McLean says.</p>
<p>Fewer than 6 out of every 10 Americans had dental benefits in 2010, according to a report released in late 2011 by the NADP and Delta Dental Plans Association.</p>
<p>Dental policies vary widely, and choosing the right one can be tougher than remembering to brush twice a day.</p>
<h2>What's covered, what's not</h2>
<p>People with dental insurance commonly have what's described as "100-80-50" coverage, meaning it pays 100 percent of the cost of routine preventive and diagnostic care, such as checkups and cleanings; covers 80 percent for fillings, root canals and other basic procedures; and 50 percent for crowns, bridges and major procedures, Ireland says.</p>
<p>The vast majority of coverage is provided through employee and group policies, plans that charged annual premiums of between $234 and $432 per person in 2011, according to NADP estimates.</p>
<p>The cost for you to buy an individual policy averages about $360 a year, McLean says.</p>
<p>Meanwhile, paying out of your own pocket for two exams and cleanings and a set of X-rays in 2011 would have cost about $370, on average, according to the American Dental Association.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.bankrate.com/finance/insurance/dental-insurance-1.aspx" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:ef05e245-8889-4122-871a-6c3c033a6b93http://www.nwinsurance.com/blog/the-renters-insurance-perk-few-people-know-about.aspxThe Renters Insurance Perk Few People Know AboutMost tenants don&rsquo;t see the value in having renters insurance, in part because they are unaware of a coverage it provides: loss of use. Along with coverage for personal property and liability protection, in the event a lawsuit is filed against ...Wed, 07 Jun 2017 14:31:00 -0500Most tenants don&rsquo;t see the value in having renters insurance, in part because they are unaware of a coverage it provides: loss of use.<br />
<br />
Along with coverage for personal property and liability protection, in the event a lawsuit is filed against a policyholder, renters insurance helps cover loss of use, or sometimes additional living expenses, if a home becomes uninhabitable. That might not sound like a good perk, but it could save a renter a lot of money.<br />
<br />
Say a tornado or hurricane destroys a renter&rsquo;s home and they can&rsquo;t stay there until it is repaired. The cost of food and to stay in a hotel until they can return or find a new permanent residence could be thousands of dollars. A renters insurance policy could offset that financial burden during a time that would already be emotionally and financially stressful.<br />
<br />
Coverage for additional living expenses is essentially the same across all renters insurance policies. As long as a home is deemed unfit to live in by a recognized authority, the loss of use coverage will activate. Companies typically provide a stipend each day as needed, up to a limit stated in the policy.<br />
<br />
Most cover up to $2,000 or 20% of the policy&rsquo;s personal property coverage, whichever is greater. Assuming a typical personal property limit of $25,000 that would mean $5,000 of expenses covered.<br />
<br />
In addition to a hotel stay and meals, some policies will also cover atypical travel costs incurred as a result of the temporary relocation. It doesn&rsquo;t have to be a subway or train ticket. Increase expenditure on gasoline might qualify.<br />
<br />
Renters who live in areas subject to natural disasters are not the only ones who might find loss of use coverage beneficial. No matter how careful someone is, they might only be as careful as the neighboring tenant. A fire in an adjacent apartment, or even another free-standing home, might damage another residence and cause it to be uninhabitable.<br />
<br />
Considering the coverage of renters insurance, it is relatively inexpensive.<br />
<br />
The average annual renters insurance premium in the U.S. is $188 - far less than the average homeowners insurance premium at $952. It&rsquo;s much cheaper because renters policies do not cover the housing structure itself, which is the responsibility of the landlord or owner.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.huffingtonpost.com/robert-harrow/the-renters-insurance-per_b_10360540.html" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:94b87afa-935f-4888-999c-7b03d3f549d6http://www.nwinsurance.com/blog/13-types-of-insurance-a-small-business-owner-should-have.aspx13 Types of Insurance a Small Business Owner Should Have1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance. &nbsp;The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily I...Fri, 02 Jun 2017 17:49:02 -0500<strong>1. General Liability Insurance: </strong>Every business, even if home-based, needs to have liability insurance. &nbsp;The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.<br />
<br />
<strong>2. Property Insurance: </strong>&nbsp;If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. &nbsp;You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.<br />
<br />
<strong>3. Business owner&rsquo;s policy (BOP):</strong> A business owner policy packages all required coverage a business owner would need. Often, BOP&rsquo;s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company&rsquo;s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage&rsquo;s.<br />
<br />
<strong>4. Commercial Auto Insurance:</strong> Commercial auto insurance protects a company&rsquo;s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. &nbsp;If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. &nbsp;Many times the non-owned can be added to the BOP policy.<br />
<br />
<strong>5. Worker&rsquo;s Compensation:</strong> Worker&rsquo;s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker&rsquo;s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. &nbsp;Penalties for non-compliance can be very stiff.<br />
<br />
<strong>6. Professional Liability Insurance: </strong>this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. &nbsp;Your general liability policy does not provide this protection, so it is important to understand the difference. &nbsp; Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few.<br />
<br />
<strong>7. Directors and Officers Insurance: </strong>this type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company. If a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.forbes.com/sites/thesba/2012/01/19/13-types-of-insurance-a-small-business-owner-should-have/#15236c9f94fd" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:7c769ba6-e976-4e38-a535-3f88facb261fhttp://www.nwinsurance.com/blog/the-hows-and-whys-of-life-insurance-for-children.aspxThe Hows And Whys Of Life Insurance For ChildrenThe question of whether to buy life insurance for children sparks strong debate about the value of such policies. Life insurance for children is often marketed to parents or grandparents as a way to save money for kids and to &ldquo;protect their ins...Tue, 23 May 2017 17:48:00 -0500<p>The question of whether to buy life insurance for children sparks strong debate about the value of such policies.</p>
<p>Life insurance for children is often marketed to parents or grandparents as a way to save money for kids and to &ldquo;protect their insurability,&rdquo; meaning their chance to buy more life insurance later no matter their health. For these reasons, some life insurance agents say purchasing life insurance on a child can be a smart financial move, but many financial advisors caution against it.</p>
<p>&ldquo;I struggle with thinking of reasons why it would make sense,&rdquo; says Joseph Alfonso, a financial advisor in the San Francisco and Portland, Oregon, areas.</p>
<p>Most insurance agents and advisors can agree, though, on one point: Other, more critical financial matters should come first before you even think about buying a life insurance policy on a child. Those include building an adequate emergency savings fund, making sure you and the child&rsquo;s other parent have enough life insurance and disability insurance, building savings for the child&rsquo;s college tuition, and getting your own retirement savings on track. </p>
<p><strong>How it works</strong></p>
<p>There are a couple of ways to buy life insurance on a minor child:</p>
<ul>
<li>You can buy some coverage on your child&rsquo;s life if you purchase a term life insurance policy covering yourself or your spouse. You do this by buying a rider &mdash; an extra policy feature at added cost &mdash; that extends a small amount, such as $20,000, in life insurance to other family members, including children. Term life insurance provides coverage for a certain period, such as 10, 20 or 30 years, and pays a death benefit to the beneficiary if the insured person dies during the term. This is the only way to buy term life insurance on a child; there aren&rsquo;t standalone term life insurance policies for minors.</li>
</ul>
<ul>
<li>Or you can buy a permanent life insurance policy, such as whole life, covering your child. These are generally for small face amounts, such as $50,000 or less. Permanent life insurance provides coverage for someone&rsquo;s entire life and includes a savings account that gradually builds value over time. As a result, the premiums are much more expensive than term life.</li>
</ul>
<p>The Gerber Life Insurance Co., which specializes in selling whole life policies for children, is the best-known name in the industry for juvenile life insurance. The company, an offshoot of the baby food maker, uses the famous face of the Gerber baby to market its policies directly to consumers. </p>
<p>But you can buy a permanent life insurance policy covering a child from just about any of the biggest life insurance companies. A parent or grandparent can make a child the policy owner once the child reaches adulthood. </p>
<p>About 20 percent of parents and grandparents say they have purchased coverage on kids, according to a survey of 2,000 adults by industry groups Life Happens and LIMRA.</p>
<p><strong>Reasons to buy &mdash; or not</strong></p>
<p>Here are the reasons some insurance agents give for buying life insurance for children, with the arguments for and against.</p>
<p><strong>It provides money for funeral expenses and other costs </strong></p>
<p><strong>For:</strong> In the tragic event of a child&rsquo;s death, a life insurance payout could pay for funeral expenses, family counseling and medical bills and provide money for the family to get by if the parents need to take leave from work. </p>
<p><strong>Against:</strong> Statistically, the odds of a child dying are very slim. A smarter financial move than buying life insurance is to stash money into an emergency fund, which could be tapped for any type of crisis, says Keith Amburgey, CEO of Rutherford Asset Planning in Tampa, Florida.</p>
<p><strong>It locks in a child&rsquo;s ability to qualify for more life insurance later</strong></p>
<p><strong>For:</strong> A child who develops a medical problem early in life might have trouble qualifying for coverage later. By purchasing coverage now, you guarantee the child has some coverage and can buy more as an adult, regardless of health. This is a big reason people purchase life insurance on their children, says Marvin Feldman, CEO of Life Happens, a consumer education group funded by the life insurance industry. Feldman says he bought life insurance policies for his children and grandchildren.</p>
<p><strong>Against:</strong> Amburgey says it&rsquo;s &ldquo;an expensive proposition for a remote risk. The vast majority of 20- and 30-somethings have no problem getting insurance.&rdquo; In addition, Alfonso says, the amount that can be purchased later because of the &ldquo;guaranteed insurability&rdquo; is limited to a multiple of the original policy amount. In many cases, that total is too small to provide adequate coverage later in life anyway. </p>
<p><strong>It provides a savings vehicle the child can tap later</strong></p>
<p><strong>For:</strong> The savings component of a permanent life insurance policy, called cash value, grows tax-deferred. The policy owner can borrow against the cash value or surrender the policy for the money, minus a possible surrender fee. The cash could be used for anything, including college expenses or the down payment on a home. A whole life insurance policy guarantees a certain percentage return on the cash value and compares well with other conservative savings vehicles like CDs, Feldman says. &ldquo;It isn&rsquo;t designed to be a primary savings and investment tool. It&rsquo;s one of the tools for parents and grandparents to consider.&rdquo;</p>
<p><strong>Against:</strong> &ldquo;The fees associated with life insurance policies usually eat away at the rate of return,&rdquo; says Carrie Houchins-Witt, a financial advisor in Coralville, Iowa. She encourages her clients to think about how much life insurance fees would grow over time if invested elsewhere, then compare that to the cash value of a policy over the same term. &ldquo;There are a multitude of opportunities to make a better return than through investing in life insurance,&rdquo; she says.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.forbes.com/sites/barbaramarquand/2016/01/27/the-hows-and-whys-of-life-insurance-for-children/#76116eae9c28" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:bae0b73a-ec24-44b9-a19b-c9242cb27ccfhttp://www.nwinsurance.com/blog/the-hows-and-whys-of-life-insurance-for-children.aspxThe Hows And Whys Of Life Insurance For ChildrenThe question of whether to buy life insurance for children sparks strong debate about the value of such policies. Life insurance for children is often marketed to parents or grandparents as a way to save money for kids and to &ldquo;protect their ins...Fri, 19 May 2017 16:22:29 -0500<p>The question of whether to buy life insurance for children sparks strong debate about the value of such policies.</p>
<p>Life insurance for children is often marketed to parents or grandparents as a way to save money for kids and to &ldquo;protect their insurability,&rdquo; meaning their chance to buy more life insurance later no matter their health. For these reasons, some life insurance agents say purchasing life insurance on a child can be a smart financial move, but many financial advisors caution against it.</p>
<p>&ldquo;I struggle with thinking of reasons why it would make sense,&rdquo; says Joseph Alfonso, a financial advisor in the San Francisco and Portland, Oregon, areas.</p>
<p>Most insurance agents and advisors can agree, though, on one point: Other, more critical financial matters should come first before you even think about buying a life insurance policy on a child. Those include building an adequate emergency savings fund, making sure you and the child&rsquo;s other parent have enough life insurance and disability insurance, building savings for the child&rsquo;s college tuition, and getting your own retirement savings on track. </p>
<p><strong>How it works</strong></p>
<p>There are a couple of ways to buy life insurance on a minor child:</p>
<ul>
<li>You can buy some coverage on your child&rsquo;s life if you purchase a term life insurance policy covering yourself or your spouse. You do this by buying a rider &mdash; an extra policy feature at added cost &mdash; that extends a small amount, such as $20,000, in life insurance to other family members, including children. Term life insurance provides coverage for a certain period, such as 10, 20 or 30 years, and pays a death benefit to the beneficiary if the insured person dies during the term. This is the only way to buy term life insurance on a child; there aren&rsquo;t standalone term life insurance policies for minors.</li>
</ul>
<ul>
<li>Or you can buy a permanent life insurance policy, such as whole life, covering your child. These are generally for small face amounts, such as $50,000 or less. Permanent life insurance provides coverage for someone&rsquo;s entire life and includes a savings account that gradually builds value over time. As a result, the premiums are much more expensive than term life.</li>
</ul>
<p>The Gerber Life Insurance Co., which specializes in selling whole life policies for children, is the best-known name in the industry for juvenile life insurance. The company, an offshoot of the baby food maker, uses the famous face of the Gerber baby to market its policies directly to consumers. </p>
<p>But you can buy a permanent life insurance policy covering a child from just about any of the biggest life insurance companies. A parent or grandparent can make a child the policy owner once the child reaches adulthood. </p>
<p>About 20 percent of parents and grandparents say they have purchased coverage on kids, according to a survey of 2,000 adults by industry groups Life Happens and LIMRA.</p>
<p><strong>Reasons to buy &mdash; or not</strong></p>
<p>Here are the reasons some insurance agents give for buying life insurance for children, with the arguments for and against.</p>
<p><strong>It provides money for funeral expenses and other costs </strong></p>
<p><strong>For:</strong> In the tragic event of a child&rsquo;s death, a life insurance payout could pay for funeral expenses, family counseling and medical bills and provide money for the family to get by if the parents need to take leave from work. </p>
<p><strong>Against:</strong> Statistically, the odds of a child dying are very slim. A smarter financial move than buying life insurance is to stash money into an emergency fund, which could be tapped for any type of crisis, says Keith Amburgey, CEO of Rutherford Asset Planning in Tampa, Florida.</p>
<p><strong>It locks in a child&rsquo;s ability to qualify for more life insurance later</strong></p>
<p><strong>For:</strong> A child who develops a medical problem early in life might have trouble qualifying for coverage later. By purchasing coverage now, you guarantee the child has some coverage and can buy more as an adult, regardless of health. This is a big reason people purchase life insurance on their children, says Marvin Feldman, CEO of Life Happens, a consumer education group funded by the life insurance industry. Feldman says he bought life insurance policies for his children and grandchildren.</p>
<p><strong>Against:</strong> Amburgey says it&rsquo;s &ldquo;an expensive proposition for a remote risk. The vast majority of 20- and 30-somethings have no problem getting insurance.&rdquo; In addition, Alfonso says, the amount that can be purchased later because of the &ldquo;guaranteed insurability&rdquo; is limited to a multiple of the original policy amount. In many cases, that total is too small to provide adequate coverage later in life anyway. </p>
<p><strong>It provides a savings vehicle the child can tap later</strong></p>
<p><strong>For:</strong> The savings component of a permanent life insurance policy, called cash value, grows tax-deferred. The policy owner can borrow against the cash value or surrender the policy for the money, minus a possible surrender fee. The cash could be used for anything, including college expenses or the down payment on a home. A whole life insurance policy guarantees a certain percentage return on the cash value and compares well with other conservative savings vehicles like CDs, Feldman says. &ldquo;It isn&rsquo;t designed to be a primary savings and investment tool. It&rsquo;s one of the tools for parents and grandparents to consider.&rdquo;</p>
<p><strong>Against:</strong> &ldquo;The fees associated with life insurance policies usually eat away at the rate of return,&rdquo; says Carrie Houchins-Witt, a financial advisor in Coralville, Iowa. She encourages her clients to think about how much life insurance fees would grow over time if invested elsewhere, then compare that to the cash value of a policy over the same term. &ldquo;There are a multitude of opportunities to make a better return than through investing in life insurance,&rdquo; she says.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.forbes.com/sites/barbaramarquand/2016/01/27/the-hows-and-whys-of-life-insurance-for-children/#76116eae9c28" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:6c33ead8-281b-45db-b1b2-8b82ae163fd7http://www.nwinsurance.com/blog/what-to-do-if-your-job-doesnt-offer-health-insurance.aspxWhat To Do If Your Job Doesn't Offer Health InsuranceWhether they like it or not, a growing number of Americans will be taking into their own hands the task of insuring their health. That&rsquo;s the gist of a survey showing that nearly one in five employers plan to stop offering health benefits over t...Wed, 10 May 2017 16:21:00 -0500<p>Whether they like it or not, a growing number of Americans will be taking into their own hands the task of insuring their health. That&rsquo;s the gist of a survey showing that nearly one in five employers plan to stop offering health benefits over the next three to five years, according to Hewitt Associates, a global human resources consulting firm. Among employers who continue to offer benefits, doing so will mean grappling with a 9% increase in medical costs next year alone, as forecast by PricewaterhouseCoopers.</p>
<p>Whether it&rsquo;s now or some time in the future, there&rsquo;s a good chance that at some point you will face the need to insure yourself. Yet one-fourth of adults between the ages of 25 and 34 go without health insurance, because of costs or the sense that they don&rsquo;t need it.</p>
<p>No matter how young and healthy you are, consider health insurance a must. A single visit to a hospital can cost thousands of dollars and have dire consequences for your financial health. &ldquo;You could potentially run up a huge debt that could take years to pay off,&rdquo; says Devon Herrick, a health care economist and senior fellow at the National Center for Policy Analysis in Dallas.</p>
<p>The lack of insurance will affect the quality of care you receive if you do have to go to the doctor. Emergency rooms are legally required to provide you with &ldquo;stabilizing care,&rdquo; but if you&rsquo;re not in a life-threatening situation, the hospital doesn&rsquo;t have to take you in as a patient. Even if it does, those without health insurance are often charged far more than insurance company patients pay for the same treatments.</p>
<p>&ldquo;These are often double or triple what insurers would pay,&rdquo; says Herrick.</p>
<p>What&rsquo;s more, if you are uninsured and your ailment is not life-threatening, you may be told to take your chances at a free health clinic or be stuck waiting for treatment until you can pay for it yourself. </p>
<p>If your employer doesn&rsquo;t offer health benefits, consider the insurance options available to individuals.</p>
<p><span style="font-weight: bold;">Premium vs. Deductible </span><br />
<br />
Premium and deductible are two important words to understand when reviewing health insurance plans. Your premium is how much you pay the insurance company each month. Your deductible is the amount of money you have to pay on your own before your insurance company begins covering your costs. </p>
<p>Say you pay $60 a month for a policy with a $5,000 deductible. You break your leg skiing, resulting in $10,000 worth of bills. You will be on the hook for the first $5,000 and then your insurance will kick in and pay the balance.</p>
<p>There is a direct relationship between premium and how well you&rsquo;re covered: you pay less money if the insurer accepts less monetary responsibility for your medical costs, and vice versa. When you&rsquo;re young and healthy (and broke), consider paying less each month for a higher deductible.</p>
<p>When making a decision about what kind of insurance plan to buy, think about your lifestyle and medical history. If you have no serious health issues that you&rsquo;re aware of, and do not partake in a lot of risky pursuits, consider paying something along the lines of $60 a month for a policy that only kicks in after you&rsquo;ve paid several thousand dollars yourself out-of-pocket. If you are an avid rock climber, have a family history of medical problems or couldn&rsquo;t shoulder the financial burden of big medical bills all at once, consider paying a higher premium for a lower deductible. </p>
<p><span style="font-weight: bold;">You&rsquo;re Only Young Once</span><br />
<br />
Health insurers consider several risk factors in determining how risky it is to cover you. That includes the state you live in, your gender, medical history, current health (for example, if you&rsquo;re a smoker), and your age.</p>
<p>&ldquo;The good thing about being a new graduate is you tend to be very healthy, so your costs tend to be pretty low,&rdquo; says Herrick.</p>
<p>The time to buy insurance is before you get sick. If you&rsquo;re uninsured and have a medical problem, insurance companies will most likely declare it a &ldquo;preexisting condition&rdquo; and refuse to pay for any treatment related to it. Once you have insurance, however, there are legal limits that prevent insurers from suddenly canceling your coverage. </p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.forbes.com/2009/07/21/health-insurance-buy-personal-finance-insure-yourself.html" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:fcff7d88-bbb7-4435-976f-5bb9c5f01c1chttp://www.nwinsurance.com/blog/should-you-buy-term-life-insurance-or-whole-life-insurance.aspxShould You Buy Term Life Insurance or Whole Life Insurance? While term life insurance offers a cheaper means of securing life cover, whole life insurance allows the buyer to save money in addition to enjoy life cover. First of all it is important to analyse whether one should be purchasing a life insurance o...Fri, 28 Apr 2017 08:47:00 -0500While term life insurance offers a cheaper means of securing life cover, whole life insurance allows the buyer to save money in addition to enjoy life cover.<br />
<br />
First of all it is important to analyse whether one should be purchasing a life insurance or not. If you are the sole or one of the earning members of your family and your death is going to leave somebody in a financial lurch, you definitely should. However, purchasing life insurance is a good protection and could be a sound investment opportunity. <br />
<br />
There are two types of life insurances &ndash; term life insurance and whole life insurance. <br />
<br />
Term life insurance consists purely of insurance protection, which pays a predetermined sum if the insured dies during a specified period of time. On the death of the insured, term insurance pays the face value of the policy to the named beneficiary. All premiums paid are used to cover the cost of insurance protection. <br />
<br />
The term or the time period may be one, five, ten, twenty years or longer. But, unless renewed, the insurance coverage ends when the term of the policy expires and becomes worthless. Since this is temporary insurance coverage it is the least expensive to acquire. The main features of term life insurance include temporary insurance protection, low cost, no cash value, usually renewable and sometimes convertible to permanent life insurance.&nbsp;<br />
<br />
For example, a 35 year old smoker takes out a term insurance plan for 10 years with an annual premium of INR 5000. Here, there will be restrictions on the number of years that he can take insurance out for based on his health condition. Also, if he does not claim the amount of insurance before or when it expires, the value will become zero. <br />
<br />
One of the major advantages of term insurance plans is the tax benefits it brings under section 80C and section 10(10D). There are numerous types of term insurance plans available including standard term life insurance plan, convertible term life insurance plans and group term life insurance plans. <br />
<br />
Whole life insurance plan is a product that offers protection over the insured&rsquo;s entire lifetime. It is aimed to create fund for the heirs of the policyholder as it provides for payment of sum assured plus bonuses on the death of the policyholder. In other words, whole life insurance provides not only protection cover to the holder but also an investment opportunity. <br />
<br />
It charges fixed periodic premiums computed on the assumption that the policy owner can retain the policy for the life of the insured. The death benefit remains same throughout the lifetime of the contract. Insurers invented the level premium concept to make the whole life contract affordable for as long as the policyholder decided to keep it. It is one of the reasons that whole life insurance is also called permanent life Insurance. The main characteristics of the above are: permanent insurance cover, builds cash value, allows for loans to be drawn against the policy, level premiums. <br />
<br />
For example, &lsquo;A&rsquo; draws a whole life insurance and is required to deposit 2000 INR as premium annually. A part of this premium will be used to invest and will in turn provide a cash value (like a savings account), which A can borrow or spend from. The balance will be for death benefit cover.&nbsp;<br />
<br />
<strong>Which one is better? Term Life or Whole Life?</strong><br />
<ol>
<li><span style="line-height: 1.5em;">Longevity: Whole life insurance has a greater lifetime than term life insurance and is not required to be renewed.</span></li>
<li><span style="line-height: 1.5em;">Expense: Whole life insurance is generally more expensive than a term life insurance.</span></li>
<li><span style="line-height: 1.5em;">Dividends: Whole life insurance provides continuous dividends unlike term life insurance, which can be claimed only once at the time of the expiry of the policy. However, the dividends of whole life insurance remain constant.&nbsp;</span></li>
</ol>
<span style="line-height: 1.5em;">So what we see is that it depends upon a person&rsquo;s predicament whether he should opt for whole life insurance or term life insurance. For example, if a prospect is young about 25 years old &ndash; they should ideally purchase insurance with a longer term. However, they are just starting out in their careers and so, cash is pretty low. Therefore, they might opt for term life insurance instead of whole life insurance because it is cheaper. <br />
<br />
When we look at it overall &ndash; there is no doubt about the ideal insurance which is to be purchased is whole life insurance. It provides you the opportunity to invest and protect at the same time and it allows you to protect your beneficiaries &ndash; your loved ones by leaving behind a good sum of financial help depending on the amount insured.</span>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.moneycontrol.com/news/insurance/should-you-buy-term-life-insurance-or-whole-life-insurance_6538601.html" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>
life, insuranceurn:uuid:77d6f39a-f580-47fa-8d85-12b9988b6630http://www.nwinsurance.com/blog/what-type-of-life-insurance-should-you-choose.aspxWhat Type of Life Insurance Should You Choose? While shares and bonds and time deposits are more traditional investments, a large number of Singaporeans also use life insurance policies for long-term investments. Indeed, consumers here hold more than 13.1 million life insurance policies and insur...Fri, 21 Apr 2017 17:04:54 -0500While shares and bonds and time deposits are more traditional investments, a large number of Singaporeans also use life insurance policies for long-term investments. Indeed, consumers here hold more than 13.1 million life insurance policies and insurance now accounts for 9.3 per cent of households&rsquo; net worth.<br />
<br />
A key question some investors may have is whether buying a whole life insurance policy as an investment is better than buying a cheaper term insurance policy and investing the difference elsewhere.<br />
<br />
<strong>TYPES OF LIFE INSURANCE</strong><br />
It is important to start by looking at why one should buy life insurance at all.<br />
<br />
Fundamentally, the goal of life insurance is to make sure beneficiaries such as young children or elderly parents have enough money to pay for their needs if something happens to the breadwinner in the family. There are several types of life insurance that can achieve this objective.<br />
<br />
The simplest option is term life insurance. You pay a premium, and the insurer guarantees that it will pay your beneficiaries a fixed amount if you&rsquo;re not around. Term life insurance covers you for a pre-determined amount and duration. Payments go entirely towards insurance, so there is no cash value after the policy ends.<br />
<br />
Another alternative is a life insurance policy which includes an investment component. Consumers can buy a policy which uses part of the premium to pay for life insurance and give the rest to the insurance company to invest. Premiums are significantly higher than for term insurance.<br />
<br />
One option with an investment component is &ldquo;whole life insurance&rdquo;, which covers you for your lifetime and also provides long-term savings. A portion of your premiums go towards insurance protection, which pays out a lump sum if you die, while the rest is invested by the insurer and pays a guaranteed minimum return, as well as a bonus in some cases. The Life Insurance Association of Singapore (LIA) says that whole life insurance guarantees lifelong protection as long as your premiums are paid, and it builds up a cash value which you can withdraw or borrow against.<br />
<br />
A more complex alternative is investment-linked policies (ILP), where the value depends on the performance of the investment. You can purchase ILPs with a single premium, or pay premiums in regular instalments and have the flexibility to adjust your insurance amount. For ILPs, the LIA noted, the performance of the funds is not guaranteed and the value can rise or fall, so the maturity values will be adversely affected if a fund performs poorly.<br />
<br />
<strong>WHICH TYPE OF INSURANCE IS BETTER</strong><br />
The first step when considering life insurance is to decide whether you actually need it. If you have children or parents or others who are dependent on your income, life insurance is important for making sure they can live well if you&rsquo;re not around. If you have no dependents, then it may not be that important.<br />
<br />
If you do need life insurance, the next step is to look at which type of coverage to purchase.<br />
<br />
When your goal is to provide for your spouse and children until they are financially self-reliant, term insurance may be all you need.<br />
<br />
If you want an investment along with insurance, you can then decide whether to buy a whole life insurance policy or to buy term insurance for a far lower price and invest the difference.<br />
<br />
On the one hand, whole life insurance offers the benefit of making sure you invest regularly. While the concept of buying term insurance and investing the rest may sound good, research by Wharton University Professor David Babbel and Carnegie Mellon University Assistant Professor Oliver Hahl showed that many consumers who buy a term life insurance policy don&rsquo;t actually invest the difference and spend it instead.<br />
<br />
On the other, you may earn more by buying term insurance and putting the rest in ETFs or other investments that have lower fees and provide better returns. While data from Singapore is limited, non-profit organisation Consumer Reports in the US compared buying whole life insurance with buying a 30-year term policy and investing the difference in conservative treasury bonds. Assuming just a 2.17 per cent annual return, the bonds provide a higher return, but no death benefit past age 69. After two decades, however, the returns on whole life start to exceed the return from the term-plus-treasuries alternative. If you earned more than 2.17 per cent on your other investments, though, it could take three decades or more for whole life to provide a better return.<br />
<br />
Many buyers also underestimate how difficult it can be to keep up with the high premiums for whole life insurance. National financial education website MoneySENSE noted that the guaranteed cash values of bundled insurance products may be less than the total premiums paid.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.todayonline.com/business/what-type-life-insurance-should-you-choose" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>
life, insuranceurn:uuid:21ca51df-4142-49ef-84ad-712e935b18f0http://www.nwinsurance.com/blog/finding-coverage-that-matches-your-business-size.aspxFinding Coverage that Matches Your Business SizeHome Business, Small Business, Global Business&mdash;Here&rsquo;s How to Choose the Right Coverage for Your Business The types and amount of insurance that you need for your small business are based on several factors. What type of business are you ...Fri, 14 Apr 2017 16:24:00 -0500<em>Home Business, Small Business, Global Business&mdash;Here&rsquo;s How to Choose the Right Coverage for Your Business</em><br />
<br />
The types and amount of insurance that you need for your small business are based on several factors. What type of business are you in? Where is it located? Do you have employees?<br />
<br />
You can evaluate your insurance needs&mdash;and start your search for insurance&mdash;by first considering the size of your business. These definitions may vary, but are generally based on the number of employees, total sales and earnings. The definitions below can help you determine where your business falls&mdash;and your insurance professional can provide guidance as well.<br />
<br />
<br />
<strong>Home-Based Businesses</strong><br />
Many successful business launches start at home. Typically home-based businesses consist of one or no additional employees and have relatively little revenue.<br />
<br />
However, that doesn&rsquo;t mean that the business shouldn&rsquo;t be insured. Every business&mdash;including home-based businesses&mdash;should be insured against risk. According to the U.S. Small Business Administration (SBA), more than half of American businesses are based at an owner&rsquo;s home&mdash;and too many fail to carry appropriate business insurance. While a home-based business is almost always by most definitions a small business, its location may require special attention to insurance coverage. Homeowners insurance alone will not necessarily cover your home-based business against business property loss or liability.<br />
<br />
<br />
<strong>Small Businesses</strong><br />
Do you know all of your employees by name? Does your business make less than a few million dollars annually? If so, you&rsquo;re most likely operating a small business. Some insurers consider businesses with 50 or fewer employees to be small businesses. The SBA defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field.<br />
<br />
A common small business policy&mdash;called a BOP, for &ldquo;Business Owners Policy&rdquo;&mdash;is usually available only for businesses with fewer than 100 employees and revenues of up to about $5 million or less. While you can purchase customized insurance to cover your specific type of business, insurers offer standardized small business policies that enable you to affordably protect your company against the most common risks.<br />
<br />
<br />
<strong>Medium-Sized Businesses</strong><br />
If your small business is growing and thriving, you may have graduated into a medium-sized company. Again, definitions of business sizes vary, but if your company has between 50 and 1,000 employees with annual revenues between $10 million and $1 billion, you can seek insurance as a medium-sized business. Insurers have special policies designed specifically for this segment that may combine property and liability coverage. If your medium-sized business owns especially expensive equipment or has locations in more than one state, you may also want to seek special customized policies.<br />
<br />
<br />
<strong>Large Businesses</strong><br />
Large businesses have at least 500 employees; revenue requirements are dependent on the type of business.<br />
<br />
Large, complex businesses have multi-million dollar risks, and commercial insurance is customized to meet a company&rsquo;s specific needs. Large companies even have employees dedicated to analyzing the potential causes of accidents or loss, recommending and implementing preventive measures, and devising plans to minimize costs and damage should a loss occur, including the purchase of insurance and managing claims. This practice is known as risk management. If you run a small business, you generally have to act as your own risk manager. Sometimes a small business will hire a risk management consultant. If you&rsquo;re unsure, ask an insurance professional to help assess the risk for businesses of all sizes.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.iii.org/article/finding-coverage-that-matches-your-business-size" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:a4a0d3f2-6c59-4f49-9c2f-0ee429256b52http://www.nwinsurance.com/blog/issues-update-singles-pay-more-for-car-insurance.aspxIssues Update: Singles Pay More for Car InsuranceSingles may have more fun, but they also pay more than their married friends for car insurance. A single 20-year-old pays 21% more than a married 20-year-old for the same policy, a new study from InsuranceQuotes.com found. To an insurer, it comes d...Fri, 07 Apr 2017 16:01:00 -0500Singles may have more fun, but they also pay more than their married friends for car insurance.<br />
<br />
A single 20-year-old pays 21% more than a married 20-year-old for the same policy, a new study from InsuranceQuotes.com found.<br />
<br />
To an insurer, it comes down to statistics -- and singles get into more accidents.<br />
<br />
Married drivers might be more cautious since they're more likely to have kids, said Laura Adams, an analyst an InsuranceQuotes.com.<br />
<br />
Drivers in their 20's who are married actually get bigger discounts than married drivers in their 30's, who only get a roughly 3% break.<br />
<br />
Gender and age also play a big role in what drivers pay.<br />
<br />
Men pay more than women when they're younger. A 20-year-old man pays 22% more than a woman the same age for the same policy, the report found.<br />
<br />
The good news: Car insurance costs for both men and women decrease every year until age 60.<br />
<br />
The report used data from the largest insurance carriers in each state and D.C. In its comparisons, it assumed the drivers were employed, had a bachelor's degree, a clean driving record, an excellent credit score, and drove a 2012 sedan.<br />
<br />
Hawaii is the only state that prohibits insurance companies from considering marital status in rate calculations. And age cannot be a factor in either Hawaii or California.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://money.cnn.com/2015/03/26/pf/insurance/car-insurance-single-married/index.html?iid=SF_LN" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:5b80c231-1f4a-4845-8205-93416ab87be7http://www.nwinsurance.com/blog/what-to-do-if-your-job-doesnt-offer-health-insurance.aspxWhat To Do If Your Job Doesn't Offer Health InsuranceWhether they like it or not, a growing number of Americans will be taking into their own hands the task of insuring their health. That&rsquo;s the gist of a survey showing that nearly one in five employers plan to stop offering health benefits over t...Wed, 05 Apr 2017 08:52:00 -0500<p>Whether they like it or not, a growing number of Americans will be taking into their own hands the task of insuring their health. That&rsquo;s the gist of a survey showing that nearly one in five employers plan to stop offering health benefits over the next three to five years, according to Hewitt Associates, a global human resources consulting firm. Among employers who continue to offer benefits, doing so will mean grappling with a 9% increase in medical costs next year alone, as forecast by PricewaterhouseCoopers.</p>
<p>Whether it&rsquo;s now or some time in the future, there&rsquo;s a good chance that at some point you will face the need to insure yourself. Yet one-fourth of adults between the ages of 25 and 34 go without health insurance, because of costs or the sense that they don&rsquo;t need it.</p>
<p>No matter how young and healthy you are, consider health insurance a must. A single visit to a hospital can cost thousands of dollars and have dire consequences for your financial health. &ldquo;You could potentially run up a huge debt that could take years to pay off,&rdquo; says Devon Herrick, a health care economist and senior fellow at the National Center for Policy Analysis in Dallas.</p>
<p>The lack of insurance will affect the quality of care you receive if you do have to go to the doctor. Emergency rooms are legally required to provide you with &ldquo;stabilizing care,&rdquo; but if you&rsquo;re not in a life-threatening situation, the hospital doesn&rsquo;t have to take you in as a patient. Even if it does, those without health insurance are often charged far more than insurance company patients pay for the same treatments.</p>
<p>&ldquo;These are often double or triple what insurers would pay,&rdquo; says Herrick.</p>
<p>What&rsquo;s more, if you are uninsured and your ailment is not life-threatening, you may be told to take your chances at a free health clinic or be stuck waiting for treatment until you can pay for it yourself. </p>
<p>If your employer doesn&rsquo;t offer health benefits, consider the insurance options available to individuals.</p>
<p><span style="font-weight: bold;">Premium vs. Deductible </span><br />
<br />
Premium and deductible are two important words to understand when reviewing health insurance plans. Your premium is how much you pay the insurance company each month. Your deductible is the amount of money you have to pay on your own before your insurance company begins covering your costs. </p>
<p>Say you pay $60 a month for a policy with a $5,000 deductible. You break your leg skiing, resulting in $10,000 worth of bills. You will be on the hook for the first $5,000 and then your insurance will kick in and pay the balance.</p>
<p>There is a direct relationship between premium and how well you&rsquo;re covered: you pay less money if the insurer accepts less monetary responsibility for your medical costs, and vice versa. When you&rsquo;re young and healthy (and broke), consider paying less each month for a higher deductible.</p>
<p>When making a decision about what kind of insurance plan to buy, think about your lifestyle and medical history. If you have no serious health issues that you&rsquo;re aware of, and do not partake in a lot of risky pursuits, consider paying something along the lines of $60 a month for a policy that only kicks in after you&rsquo;ve paid several thousand dollars yourself out-of-pocket. If you are an avid rock climber, have a family history of medical problems or couldn&rsquo;t shoulder the financial burden of big medical bills all at once, consider paying a higher premium for a lower deductible. </p>
<p><span style="font-weight: bold;">You&rsquo;re Only Young Once</span><br />
<br />
Health insurers consider several risk factors in determining how risky it is to cover you. That includes the state you live in, your gender, medical history, current health (for example, if you&rsquo;re a smoker), and your age.</p>
<p>&ldquo;The good thing about being a new graduate is you tend to be very healthy, so your costs tend to be pretty low,&rdquo; says Herrick.</p>
<p>The time to buy insurance is before you get sick. If you&rsquo;re uninsured and have a medical problem, insurance companies will most likely declare it a &ldquo;preexisting condition&rdquo; and refuse to pay for any treatment related to it. Once you have insurance, however, there are legal limits that prevent insurers from suddenly canceling your coverage. </p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.forbes.com/2009/07/21/health-insurance-buy-personal-finance-insure-yourself.html" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:1aba061d-7b7b-441d-8b4d-9d64c217125bhttp://www.nwinsurance.com/blog/millennials-how-buying-life-insurance-now-can-pay-off.aspxMillennials: How Buying Life Insurance Now Can Pay OffLanding your dream job, or your dream internship. Moving to a new city. Embarking on a torrid love affair (or three?). Meeting the love of your life. Buying your first house, or saving up for it. Finishing your first marathon. There are so many possi...Fri, 31 Mar 2017 16:01:00 -0500Landing your dream job, or your dream internship. Moving to a new city. Embarking on a torrid love affair (or three?). Meeting the love of your life. Buying your first house, or saving up for it. Finishing your first marathon. There are so many possible bucket list items to complete in your 20s, and establishing a life insurance policy is probably not one that ranks very high on many such lists.<br />
<br />
But could your 20s, in fact, be the best decade to purchase a policy? Many financial experts&mdash;and a host of prudent 20-somethings with their own policies in hand&mdash;say absolutely yes. Here&rsquo;s why.<br />
<br />
<br />
<strong>Buy Early, Save More</strong><br />
Buying something just because it&rsquo;s cheap isn&rsquo;t usually great consumer advice. But what about buying something you&rsquo;ll eventually need because it&rsquo;s much cheaper than it will be later? While buying life insurance might be the farthest thing from your mind during your freewheeling 20s, it could be the most economically strategic time in your life to invest in a policy.<br />
<br />
Before taking the plunge, however, you&rsquo;ll want to make a detailed analysis of your individual situation before you navigate the all-too-often overwhelming variety of policies that exist.<br />
<br />
First things first: do you actually need life insurance? While that may sound like a metaphysical question, it&rsquo;s a purely practical one that you can probably easily answer. For most adults who were born prior to the Reagan administration, that answer is a resounding yes. But for 20-somethings who can&rsquo;t claim any dependents on their tax returns, are unmarried, or don&rsquo;t have relationships that would be negatively impacted by their untimely demise, buying life insurance might not be a logical move.<br />
<br />
<br />
<strong>Going Solo</strong><br />
If your inventory of those who financially depend on you comes out to zero, you&rsquo;re hardly alone. According to a 2015 Gallup poll, it&rsquo;s not simply that increasing numbers of Millennials are not getting married in their 20s or 30s. It&rsquo;s that they&rsquo;re also delaying commitment and cohabitation of the not-legally binding variety: the number of 18 to 29-year-olds who reported that they were single and not living with anyone increased from 52% in 2004 to 64% just a decade later.<br />
<br />
In fact, according to a study by the Pew Research Center, only one in three Millennials can claim to be the head of their own household&mdash;a huge departure from generations past. For those in this ever-growing group, life insurance might simply not count as a top priority. An obvious exception, of course, is single young adults who have children.<br />
<br />
Millennials are notoriously spoiled for choice, prizing flexibility and options over security and the status quo. That attitude extends from the instant gratification of Tinder to financial decision-making. After all, if you&rsquo;re not settling for love, why would you settle on insurance? While it&rsquo;s tempting to go with the first Google hit of an insurance agent whose address just happens to show up first&mdash;probably just because they&rsquo;re 0.02 miles from your current location&mdash;resist going with the path of least resistance. Just like online dating, it pays to shop around.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/articles/financial-advisors/020216/using-insurance-win-over-millennial-financial-advisory-clients.asp" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:cac16c83-1248-4ed1-890c-e0fb8b09074chttp://www.nwinsurance.com/blog/home-owners-insurance-needs-change-after-divorce-or-separation.aspxHome Owners Insurance Needs Change After Divorce or SeparationWhether you are married or living with a partner, splitting up affects your home owners insurance needs. Add a few insurance-related tasks to your post-breakup to-do list to find out if you&rsquo;re over- or underinsured. &nbsp; &ldquo;When discussin...Fri, 24 Mar 2017 16:00:00 -0500<p>Whether you are married or living with a partner, splitting up affects your home owners insurance needs. Add a few insurance-related tasks to your post-breakup to-do list to find out if you&rsquo;re over- or underinsured.<br />
&nbsp;<br />
&ldquo;When discussing the financial aspects of a divorce or a breakup, insurance considerations should be a key component in ongoing and final decisions,&rdquo; said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. &ldquo;Dividing up property, changing homes, and altering life insurance policies must be discussed to make sure that both parties, as well as children or other dependents, are financially protected after the separation is completed.&rdquo;<br />
&nbsp;<br />
Whether or not your divorce or separation leads to a change in residence, it&rsquo;s a good idea to review your home owners policy to make sure your insurance still covers what you now have:</p>
<ul>
<li>If you keep valuable jewelry, art, or other luxury items, you&rsquo;ll need a special floater or endorsement to your policy.</li>
<li>If you give up valuables, make sure you cancel the floater or endorsement that covered them so you&rsquo;re not paying for coverage you don&rsquo;t need.</li>
<li>Create a new home inventory detailing what you now own.</li>
</ul>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.houselogic.com/news/home-insurance/more-third-homeowners-insurance-claims-related-dog-bites/" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:3078eb9b-8e7c-4d44-800d-cacb0834e968http://www.nwinsurance.com/blog/more-than-a-third-of-homeowners-insurance-claims-related-to-dog-bites.aspxMore Than a Third of Homeowners Insurance Claims Related to Dog BitesHomeowners policies typically cover the average dog bite claim, but you&rsquo;ll need an umbrella policy to protect you if your dog causes a more serious injury. Dog bites accounted for more than one-third of all homeowners insurance liability claim ...Fri, 17 Mar 2017 16:00:00 -0500<h2>Homeowners policies typically cover the average dog bite claim, but you&rsquo;ll need an umbrella policy to protect you if your dog causes a more serious injury.</h2>
<p>Dog bites accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2012, costing insurers more than $489 million, according to the Insurance Information Institute and State Farm.<br />
<br />
The average dog bite claim was a whopping $29,752 in 2012, III said.<br />
<br />
Most homeowners insurance policies include $100,000 to $300,000 in liability coverage that would protect you if your dog bit someone. But, if the damages from the bite exceeded your liability limit, you&rsquo;d be responsible for paying the overage, including legal expenses.</p>
<p>And while insurance companies typically cover homeowners with dogs, once your dog bites someone, your premiums might rise, or your insurance company might refuse to continue to cover dog bites. Some companies will require dog owners to sign liability waivers for dog bites. Others will cover a pet if the owner takes the dog to classes aimed at modifying its behavior, III says.</p>
<p>Personal liability coverage, also called an umbrella policy, can offer extra insurance to cover you for dog bite claims.<br />
<strong></strong></p>
<p><strong>Be a Responsible Dog Owner</strong></p>
<p>To reduce the chances of your dog biting someone, follow these tips from III:</p>
<ul>
<li>Consult with a professional (e.g., veterinarian, animal behaviorist, or responsible breeder) to learn about suitable breeds of dogs for your household and neighborhood.</li>
<li>Spend time with a dog before buying or adopting it. Use caution when bringing a dog into a home with an infant or toddler. A dog with a history of aggression is inappropriate in a household with children.</li>
<li>Be sensitive to cues that a child is fearful of or apprehensive about a dog and, if so, delay acquiring a dog. Never leave infants or young children alone with any dog.</li>
<li>Socialize your dog so it knows how to act with other people and animals.</li>
<li>Discourage children from disturbing a dog that is eating or sleeping.</li>
<li>Play non-aggressive games with your dog, such as &ldquo;go fetch.&rdquo; Playing aggressive games like &ldquo;tug-of-war&rdquo; can encourage inappropriate behavior.</li>
<li>Avoid exposing your dog to new situations in which you are unsure of its response.</li>
<li>Immediately seek professional advice from veterinarians, animal behaviorists, or responsible breeders if your dog develops aggressive or undesirable behaviors.</li>
</ul>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.houselogic.com/news/home-insurance/more-third-homeowners-insurance-claims-related-dog-bites/" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:7fc4bed7-c163-4172-a9ee-cbb2c5022166http://www.nwinsurance.com/blog/compile-a-home-inventory-with-the-right-tools.aspxCompile a Home Inventory with the Right ToolsA home inventory of your belongings for insurance purposes is a relatively inexpensive way to make any future claims go smoother. Creating a home inventory for insurance doesn&rsquo;t need to be complicated. All you really need is a pencil and paper....Fri, 10 Mar 2017 16:00:00 -0600<h2>A home inventory of your belongings for insurance purposes is a relatively inexpensive way to make any future claims go smoother.</h2>
<p>Creating a home inventory for insurance doesn&rsquo;t need to be complicated. All you really need is a pencil and paper. The key is to have a record of your possessions in the event you experience a theft or casualty loss from flood, fire, or other disaster.</p>
<p>But the more thorough the documentation of your belongings, the less likely you are to run into problems when you file an insurance claim. That&rsquo;s why you should consider using a digital camera, fireproof safes, and other equipment to create and store your home inventory. Devote a full day to the task.</p>
<p><strong>Take pictures of your belongings</strong></p>
<p>Photos of your belongings go a long way toward demonstrating ownership and value. Digital photos are preferred, since they&rsquo;re easier to print and store. A decent digital camera costs less than $100. Be sure to get full-room shots, as well as close-ups of items. Don&rsquo;t neglect to photograph possessions inside drawers, cabinets, and closets.</p>
<p>Video is even more convenient and effective, especially since you can record audio along with the images. Describe items and any identifying details as you film your home room by room. Digital camcorders are available for less than $150. It&rsquo;s a good idea to keep backup copies of digital files and hard-copy printouts in a safe place. (More on storage options below.)</p>
<p><strong>Prepare a written home inventory</strong></p>
<p>Images alone aren&rsquo;t enough. You should also prepare a written home inventory. Your insurance company will likely ask for one if you ever file a claim. Include as much identifying detail as possible, such as serial numbers, brand names, purchase dates, and estimated costs. Keep a copy off-site, perhaps with a friend or in a bank safe-deposit box, in case your home is damaged or destroyed.</p>
<p>Home inventory software is also available. Enter information on your possessions, attach digital images, and store the data electronically. The Insurance Information Institute has a free program called&nbsp;<a class="external" href="http://www.knowyourstuff.org/iii/login.html" rel="nofollow" target="_blank" style="color: #16a8d3; margin: 0px; padding: 0px; border: 0px none;">Know Your Stuff</a>, or there are a number of&nbsp;programs&nbsp;available for purchase.</p>
<p>Be sure to attach receipts to your home inventory list. If you&rsquo;re storing your records electronically, you&rsquo;ll want to scan receipts at a copy and print shop or purchase a scanner. Pick one up for as little as $50 at an office supply store. Digital copies of receipts come in handy if originals are damaged or lost.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.houselogic.com/home-advice/home-inventories/home-inventory-tools/" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:9d933f28-5eee-476c-90a7-613ab9ac1885http://www.nwinsurance.com/blog/leave-your-keys-lose-your-car.aspxLeave Your Keys, Lose Your CarIn a first-of-its-kind analysis of vehicle thefts released today, the&nbsp;National Insurance Crime Bureau(NICB) found a disturbing trend &mdash; an increasing number of thefts of vehicles with the keys left inside. For the years 2012 through 2014, a...Fri, 03 Mar 2017 15:59:00 -0600<p>In a first-of-its-kind analysis of vehicle thefts released today, the&nbsp;National Insurance Crime Bureau(NICB) found a disturbing trend &mdash; an increasing number of thefts of vehicles with the keys left inside.</p>
<p>For the years 2012 through 2014, at total of 126,603 vehicles were reported stolen with the keys left in the vehicle.</p>
<p>While overall vehicle thefts are declining, vehicles stolen with keys left inside are trending in the opposite direction.</p>
<p>As a percentage of overall thefts, 5.4 percent of vehicles stolen (39,345) in 2012 had their keys in them. That figure rose to 6 percent (42,430) in 2013, and in 2014, it increased again to 6.7 percent (44,828).</p>
<p>To show the significance of these numbers, if the 44,828 thefts were removed from 2014's reported estimated total of 659,717*, the thefts would fall to 614,889. The last time national vehicle thefts were that low was 1966.</p>
<p>"Stealing a vehicle is very difficult with today's anti-theft technology and leaving the keys in the vehicle is an open invitation for the opportunistic car thief," said NICB President and CEO&nbsp;Joe Wehrle
.</p>
<p>"Am I shocked by these numbers? Not one bit. In fact, I'm sure the numbers are probably higher, because we are only able to determine the thefts where the car was recovered with the keys inside, or where someone admitted they left the keys in the car or the ignition. Many times that is not admitted in the police report or the insurance claim. We also see some cases where the owner gives up the car by leaving the keys in it to allow it to be stolen so that an insurance claim payment can help them get out from under a financial bind. Anyone who does that is committing fraud."</p>
<p>The reasons that people leave keys in their vehicles are numerous, but none of them is worth the hassle of having your car stolen. Leaving your vehicle running while you run into a store for a quick cup of coffee or to warm it up before a chilly winter commute might make sense to an individual, but it creates a perfect moment for a car thief who looks for such an opportunity.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://insurancenewsnet.com/oarticle/2015/04/27/leave-your-keys-lose-your-car-a-615979.html" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:8d2aac6c-cdb3-49e5-aacb-e9d3a3e82e6ehttp://www.nwinsurance.com/blog/heres-something-every-real-sweetheart-should-know-jewelry-and-other-expensive-valentines-day-gift.aspxHere's Something Every Real Sweetheart Should Know: Jewelry And Other Expensive Valentine's Day GiftSo, your honey popped the big question on Valentine&rsquo;s Day. You couldn&rsquo;t be more thrilled and the ring is to die for! But, what if it&rsquo;s lost or stolen? While there is no way to insure the sentimental value of such a gift, having the ...Fri, 24 Feb 2017 15:58:00 -0600<p>So, your honey popped the big question on Valentine&rsquo;s Day. You couldn&rsquo;t be more thrilled and the ring is to die for! But, what if it&rsquo;s lost or stolen? While there is no way to insure the sentimental value of such a gift, having the right insurance coverage will provide financial protection, according to the Insurance Information Institute (I.I.I.).</p>
<p>&ldquo;The word &lsquo;insurance&rsquo; is not likely to be the first word on many lovers lips this Valentine&rsquo;s Day. However, if an expensive gift of jewelry is lost or stolen it can certainly soothe the sting of losing a cherished gift,&rdquo; said Jeanne M. Salvatore, the I.I.I.&rsquo;s chief communications officer. &ldquo;Your first step after receiving a valuable engagement ring&mdash;well, maybe your second after saying yes!&mdash;should be to call your insurance professional.&rdquo;</p>
<p>Jewelry losses are among the most frequent of all home insurance content-related insurance claims. Fortunately, there are four relatively simple steps everyone can take to ensure adequate protection for their new jewelry:</p>
<strong>1) Contact your insurance professional immediately.</strong>
<p>Find out how much coverage you already have and whether you will need additional insurance. Most standard homeowners and renters insurance policies include coverage for personal items such as jewelry; however, many policies limit the dollar amount for the theft of high-value personal possessions&mdash;such as jewelry&mdash;to $1,000 to $2,000. So, you would be covered if the item were destroyed by disasters listed in the policy such as a fire or hurricane, but if your expensive new present is lost or stolen you would need separate insurance to be covered, pointed out the I.I.I.</p>
<p>To properly insure jewelry, consider purchasing additional coverage through a floater or an endorsement. In most cases, these add-ons to a homeowners or renters policy would also cover you for &ldquo;mysterious disappearance.&rdquo; This means that if your ring falls off your finger and is flushed down a drain, or is lost, you would be financially protected. Floaters and endorsements carry no deductibles, so there is no out-of-pocket expense to replace the item.</p>
<strong>2) Obtain a copy of the store receipt.</strong>
<p>Forward a copy of the receipt so that your insurance company knows the current retail value of the item. Keep a copy for your records and include it with your home inventory. If the item was purchased on sale, also get a copy of the appraised value of the item.</p>
<strong>3) If you received an heirloom piece, have the item appraised.</strong>
<p>Heirlooms and antique jewelry will need to be appraised for their dollar value. You can ask your insurer to recommend a reputable appraiser.</p>
<strong>4) Add the item to your home inventory.</strong>
<p>An up-to-date inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss, so remember to add your new jewelry to your inventory. And if you don&rsquo;t yet have an inventory, celebrate your engagement by creating one with your fianc&eacute;e. To make creating a home inventory as easy as possible, the I.I.I. offers free Web-based software and apps, available at Know Your Stuff&reg; - Home Inventory.</p>
<p>Finally, if you don&rsquo;t think you need renters insurance, think again. A 2013 Insurance Information Institute poll found that 96 percent of homeowners had homeowners insurance but only 35 percent of renters had renters insurance. If you rent your home, renters insurance can provide important financial protection in the event your belongings are stolen or destroyed.</p>
<p>&ldquo;In my many conversations with consumers, personal finance bloggers and insurance educators they have noted that the purchase of an engagement ring triggers interest in getting a renters insurance policy for the first time, as many (especially young) people start to think more seriously about financially protecting themselves,&rdquo; said Salvatore.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.iii.org/press-release/heres-something-every-real-sweetheart-should-know-jewelry-and-other-expensive-valentines-day-gift-items-require-special-insurance-coverage-020314" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:b59ce845-bbe8-46f7-a81d-8475f089115ahttp://www.nwinsurance.com/blog/texting-as-bad-as-drunken-driving-says-survey.aspxTexting As Bad As Drunken Driving, Says SurveyA survey from&nbsp;Insurance.com&nbsp;finds 75 percent of drivers view texting while driving to be as dangerous as drunken driving. The insurance quotes-comparison website asked 1,000 married adult drivers which of four traffic violations most close...Fri, 17 Feb 2017 16:26:00 -0600<p>A survey from&nbsp;Insurance.com&nbsp;finds 75 percent of drivers view texting while driving to be as dangerous as drunken driving.<br />
<br />
The insurance quotes-comparison website asked 1,000 married adult drivers which of four traffic violations most closely approximates the risk from a texting driver:</p>
<ul>
<li>DUI: 75 percent</li>
<li>Running a stop sign: 15 percent</li>
<li>Speeding: 7 percent</li>
<li>Parking violation: 3 percent</li>
</ul>
<p>"Public opinion is far ahead of state law and insurance policies, which treat distracted driving tickets as no more than a minor traffic violation in most states," said&nbsp;Insurance.com&nbsp;Managing Editor&nbsp;
<person>Des Toups</person>
. "Many states don't consider texting a moving violation at all."<br />
<br />
Penalties for texting and driving vary immensely depending on where you live. Even in states where a texting ticket reaches a driver's record, it may have little or no effect on the driver's insurance rates.<br />
<br />
The average increase in insurance rates from a minor violation, such as a texting ticket or speeding just over the limit, is 14 percent, according to data gathered for&nbsp;Insurance.com&nbsp;by Quadrant Information Services. By contrast, the average increase after a DUI is 76 percent.<br />
<br />
The&nbsp;Insurance.com&nbsp;survey also found that:</p>
<ul>
<li>Women were more likely to view texting as akin to a DUI than men were, 82 percent to 66 percent.</li>
<li>Fewer young drivers saw texting as serious, with 69 percent of drivers under 35 saying texting was like a DUI, compared with 84 percent of drivers older than 65.</li>
<li>38 percent of the surveyed group admitted texting while driving themselves.</li>
</ul>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://insurancenewsnet.com/oarticle/2015/04/27/texting-as-bad-as-drunken-driving-says-survey-a-616039.html" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:4829c92b-8eb1-44b0-a9b5-0315fb8f5e86http://www.nwinsurance.com/blog/understanding-homeowners-association-insurance.aspxUnderstanding Homeowners Association InsuranceIf you own a home in a planned development or you own a condo, then you likely pay homeowners association dues. Every year. Usually at the worst time. What do you get for those dues? For one thing, insurance. As distasteful as those dues can be, the ...Fri, 10 Feb 2017 16:25:00 -0600<p>If you own a home in a planned development or you own a condo, then you likely pay homeowners association dues. Every year. Usually at the worst time. What do you get for those dues? For one thing, insurance. As distasteful as those dues can be, the end product can be really beneficial in case something bad happens in your development and condo.</p>
<p>Ever wondered how the grass gets mowed between buildings at your condo or townhouse or around the park in your development? Or how the flowers get planted? Or who cleans and maintains the sidewalks? Spoiler alert: It's your homeowners association. That takes a big bite out of the fees you pay &ndash; just keeping things nice.</p>
<p>They also can be used to operate and maintain a swimming pool, clubhouse, gym or other amenities on the property. Most HOAs schedule regular pest control. In some developments, mostly condos, they can cover garbage pickup and maybe some utilities.</p>
<p>But one of the most important uses of HOA dues is insurance for the housing or condo development.</p>
<p><strong>What does HOA insurance cover?</strong></p>
<p>Homeowners association insurance typically includes four components &ndash; some of which will be more important to you than others. Here's the rundown on the four components and how they can affect you and your family (and its finances):</p>
<p><strong>Property insurance</strong></p>
<p>If you're a condo owner, this is super important &ndash; it's what covers the structure of your building from fire, theft, wind and other specified perils. It's up to you, however, to insure the contents of the condo or townhouse.</p>
<p>In a housing development, HOA property insurance would cover property such as clubhouses from those same perils.</p>
<p>How does this affect you? If your HOA doesn't have property insurance &ndash; or doesn't have enough, it can levy a special assessment against residents in the development to pay for repairs.</p>
<p><strong>Liability insurance</strong></p>
<p>Again, this is a major component of an HOA insurance policy. It helps when there are accidents or injuries that occur on common property. For example, if playground equipment breaks and isn't repaired, resulting in a child getting hurt, it could help defend the association in a lawsuit and pay any award in the case, up to the policy limit.</p>
<p>How would this affect you? If your HOA doesn't have coverage or enough coverage, it again could levy an assessment to pay for the legal costs and award.</p>
<p><strong>Directors and officers coverage</strong></p>
<p>This coverage protects the association's officers and other officials from lawsuits they might face while performing their duties. This could include actions such as filing complaints or even foreclosure against a home or condo owner.</p>
<p>This might not seem like it affects you, but again, there is a chance that a special assessment could be coming your way should the lawsuit get out of control.</p>
<p><strong>Employee dishonesty</strong></p>
<p>This protection helps in case of theft by the association's employees or volunteers, management companies or contractors. This affects you because it is your money that's being protected.</p>
<p>In addition to the above, your HOA might have an umbrella policy &ndash; extra liability coverage for unpredictable things that happen. It's a relatively inexpensive way to guard against those special assessments that could happen in the event of losing a big-money lawsuit.</p>
<p><strong>How can the association save on premiums?</strong></p>
<p>The case for homeowners association insurance is pretty compelling, but that doesn't mean you can't question how much your association spends. In many cases, it may be possible to save on premiums, which could result in no yearly increases and maybe even a reduction.</p>
<p>How? Request that the association shop its coverage each year to see whether it can get a better deal on coverage. Loyalty is great in many instances, but maybe not when it comes to insurance premiums.</p>
<p>Remember, it's in your best interest for the development that includes your home to remain safe and solvent. Homeowners association insurance can keep things on track when there's an accident or disaster and keep you and your family protected from harm.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.nasdaq.com/article/understanding-homeowners-association-insurance-cm461495" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:e595857b-20d9-48c5-8548-5bd371f68a36http://www.nwinsurance.com/blog/home-warranties-the-basics.aspxHome Warranties: The BasicsIf you stop and think about it, your basement can be a scary place. Not in the &ldquo;there&rsquo;s a monster in the basement!&rdquo; kind of way. More in the &ldquo;if something down there breaks, I can&rsquo;t pay for it&rdquo; sense. For example, ...Fri, 03 Feb 2017 16:25:00 -0600<p>If you stop and think about it, your basement can be a scary place.</p>
<p>Not in the &ldquo;there&rsquo;s a monster in the basement!&rdquo; kind of way. More in the &ldquo;if something down there breaks, I can&rsquo;t pay for it&rdquo; sense. For example, if your hard-working&nbsp;sump pump&nbsp;breaks down, it can cost as much as $2,000 to replace it. Yikes!</p>
<p>This alarming possibility is the main incentive for purchasing a home warranty: it offers peace of mind against the threat of unexpected problems. But not everyone is crystal clear on what a home warranty actually is. We&rsquo;re here to set you straight!</p>
<h2>What is a Home Warranty?</h2>
<p>A home warranty works the same way a car or computer warranty does: you pay a company an annual fee, and in return they agree to cover the cost of replacing or repairing certain items. A basic home warranty will usually cover the following things: plumbing, HVAC, electrical and major appliances (such as the refrigerator and dishwasher).&nbsp;<strong>Note:&nbsp;</strong>A home warranty does not eliminate the need for a&nbsp;homeowners insurance policy! Insurance will protect you from natural disasters (such as fires or floods) while a warranty only protects you from damage due to normal use.</p>
<h2>How Much Does a Home Warranty Cost?</h2>
<p>A typical home warranty policy will cost $300-$450 a year, and can go higher than $500 if you have a lot of extras (such as a pool) that you&rsquo;d like covered. This annual premium does not cover the cost of individual service visits, which typically run anywhere from $50-$100. So if you have three or four incidents in a year, your out-of-pocket expenses can quickly double.</p>
<p><strong>Note:&nbsp;</strong>Many home warranty companies don&rsquo;t allow you to combine service calls. That means if your refrigerator and sump pump break at the same time, you&rsquo;ll need to pay two service fees.</p>
<h2>Is a Home Warranty Right for You?</h2>
<p>Some experts swear by home warranties, while others recommend against them, citing&nbsp;common home warranty pitfalls. We say, it depends on your specific situation. There are two main factors to consider:</p>
<p><strong>1. The status of the house you&rsquo;re buying.</strong>&nbsp;If you&rsquo;re not confident in the quality or previous maintenance of the house you&rsquo;re buying, a home warranty can be really comforting. In fact, some sellers will offer a fully-paid one-year warranty to buyers for this exact reason. Just note that home warranty companies can sometimes deny coverage for pre-existing conditions or poor maintenance (whether you or the previous owner were at fault isn&rsquo;t necessarily relevant). So getting a warranty doesn&rsquo;t make you immune to these problems.</p>
<p>Also, if the house has expensive appliances (think: $10,000 fridge), a home warranty is probably a smart investment when you consider potential replacement costs.</p>
<p><strong>2. The status of your savings account.&nbsp;</strong>It&rsquo;s not uncommon to virtually deplete your life savings to cover the down payment of a home (especially for&nbsp;first time homeowners). When cash is tight, it can often make more sense to pay a few hundred bucks up front instead of risking a few thousand dollars in repairs. However, if you have a healthy&nbsp;emergency house fund&nbsp;&ndash; and feel confident you can cover unexpected costs yourself &ndash; you may save money in the long run by skipping a home warranty and simply relying on your personal savings.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="https://brightnest.com/posts/home-warranties-the-basics" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:db355260-71ba-4734-9ac1-cae70aec7443http://www.nwinsurance.com/blog/7-things-new-homeowners-dont-know-they-need-to-do.aspx7 Things New Homeowners Don't Know They Need to DoOwning a home has a lot of perks (goodbye pet policies!). But those perks come with a lot of responsibility. Between daily chores and preventative maintenance, it&rsquo;s easy to forget a few things. Let&rsquo;s refresh your memory! Here are seven fr...Fri, 27 Jan 2017 16:25:00 -0600<p>Owning a home has a lot of perks (goodbye pet policies!). But those perks come with a lot of responsibility. Between daily chores and preventative maintenance, it&rsquo;s easy to forget a few things. Let&rsquo;s refresh your memory! Here are seven frequently-forgotten tasks that will help you stay on top of homeownership.&nbsp;</p>
<p>These tasks are especially important for new homeowners, but veterans may be forgetting a few of these, too!</p>
<h2>1. Save for Unexpected Problems</h2>
<p>You can&rsquo;t stop things like your dishwasher from breaking, but you&nbsp;<em>can</em>&nbsp;set some cash aside to pay for unexpected replacements. As a general rule of thumb, you want to&nbsp;save 1-3 percent of your home&rsquo;s initial price&nbsp;each year so that you can afford unexpected problems.</p>
<h2>2. Form an Inspection Habit</h2>
<p>Detecting certain issues early (like a rodent infestation or mold growth) can be the difference between a simple fix and an unaffordable disaster. Take the time to properly inspect yourbasement,&nbsp;attic,&nbsp;insulation&nbsp;and&nbsp;roof&nbsp;at least once during that first year. Then, make an annual habit of it!&nbsp;<strong>Tip:&nbsp;</strong>If you would rather have an annual inspection conducted by a professional home inspector,&nbsp;visit Angie's List&nbsp;to find the best local service provider to fit your needs.&nbsp;</p>
<h2>3. Buy a Bunch of Furnace Filters</h2>
<p>Changing your furnace filter regularly is one of the easiest ways you can save money (since your furnace will last longer) and improve your health (since the air you breathe will be cleaner). But remembering to pick up a filter from the hardware store every few months isn&rsquo;t always so easy. Nip that problem in the bud by purchasing in bulk! Take a look at your furnace and write down the filter size, then order enough to last for a few years (the exact number you need will vary depending on the type of furnace you have).&nbsp;</p>
<h2>4. Get to Know Your Appliances</h2>
<p>Just like cars and televisions, the appliances in your home have different life expectancies. For example, furnaces usually last for 15-20 years, but water heaters tend to start wearing down after 10 years. It&rsquo;s worth figuring out how old each appliance in your house is because then you can plan ahead for their replacements. A new furnace can cost as much as $5,000, so a little heads up can really help!</p>
<h2>5. Take Advantage of Tax Credits</h2>
<p>Did you know that you can receive credits for things like&nbsp;installing solar panels&nbsp;or purchasingEnergy Star appliances. Do some research early on about the different tax credits that may apply to you, and then reap the benefits when tax time rolls around!&nbsp;</p>
<h2>6. Start Keeping Records</h2>
<p>Every improvement or repair you make to your home &ndash; from adding caulk around your bathtub to installing a new roof &ndash; will increase its resale value. Make sure all of your hard work pays off by keeping track right from the start!&nbsp;<strong>Tip:&nbsp;</strong>If you&rsquo;re not crazy about creating an enormous filing cabinet of records, you can store their home details on BrightNest (for free!) in the Homefolio. &nbsp;</p>
<h2>7. Beef Up Your Insurance</h2>
<p>Take a good look at your homeowners insurance policy and look for any relevant gaps (this is a situation where professional advice can be really helpful). Two areas of coverage to consider are flood and fire protection, which aren&rsquo;t always included in standard policies.&nbsp;<strong>Tip:</strong>It&rsquo;s also worth taking another look at your car insurance because you now have a much bigger asset (your home) to lose in the event of a lawsuit. &nbsp; &nbsp;</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="https://brightnest.com/posts/7-things-new-homeowners-don-t-know-they-need-to-do" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:72aa1b1d-425f-4597-98c1-d341040eb4aahttp://www.nwinsurance.com/blog/the-beginners-guide-to-homeowners-insurance.aspxThe Beginner's Guide To Homeowners' InsuranceInsurance. Do your eyes glaze over just reading the word? It may not be the most thrilling subject, but it's essential for new homebuyers to understand the nuts and bolts of their homeowners insurance. Virtually all mortgage lenders require insurance...Fri, 20 Jan 2017 16:22:52 -0600<p><span>Insurance. Do your eyes glaze over just reading the word? It may not be the most thrilling subject, but it's essential for new homebuyers to understand the nuts and bolts of their homeowners insurance. Virtually all mortgage lenders require insurance coverage to protect their investment. If the house you live in is destroyed, the <em>real</em> owners - and in most cases, that's the bank - would suffer a huge monetary loss.</span></p>
<p>You don't even have to "own" your home to need homeowners insurance; many landlords require their tenants to have coverage. But whether it's required or not, it's smart to have this kind of protection anyway. We'll take it step by step as we walk you through the basics of this type of policy.</p>
<p><strong>What a Homeowners' Policy Provides<br />
</strong>The elements of a standard homeowners' insurance policy provide that the insurer will cover costs related to:</p>
<ul>
<li><strong><em>Damage to the interior or exterior of your house</em></strong><strong> -</strong> In the event of damage due to fire, hurricanes, lightning, vandalism or other covered disasters, your insurer will compensate you so that your house can be repaired or even completely rebuilt. Damage that is the result of floods, earthquakes and poor home maintenance is generally <em>not</em> covered and you may require separate riders if want that type of protection.</li>
<li><strong><em>Loss or damage to your personal belongings</em></strong><strong> -</strong> Clothing, furniture, appliances and most of the other contents of your home are covered if they're destroyed in an insured disaster. You can even get "off-premises" coverage, so you could file a claim for lost jewelry, for example - no matter where in the world you lost it. There may be a limit on the amount your insurer will reimburse you. Even if your Rolex or mink coat is damaged at home, there will be a limit on the coverage for that, too - unless you purchase a separate "floater" policy that insures the item for its full appraised value.
<p>According to the Insurance Information Institute, most insurance companies will provide coverage for 50-70% of the amount of insurance you have on the structure of your home. If your house is insured for $200,000, there would be up to about $140,000 worth of coverage for your possessions - would this be enough for you? In order to answer this question, you would need to have a list of all your possessions and their value, also called a "home inventory". </p>
</li>
<li><strong><em>Personal liability for damage or injuries caused by you or your family</em></strong><strong> - </strong>This clause even includes your pets! So, if frisky Fido bites your neighbor Doris, no matter where the bite happens to occur, your insurer will pay her medical bills. Or, if Junior breaks her Oriental vase, you can file a claim to reimburse her. And if Doris slips on the broken vase pieces and successfully sues for pain and suffering or lost wages? You'll be covered for that, too, just as if someone had been injured on the premises of <em>your</em> home or property. While policies start in the range of $100,000 coverage, experts recommend having at least $300,000 worth of coverage according to the Insurance Information Institute. For extra protection, a few hundred dollars more in premium may buy you an extra $1 million or more through "umbrella coverage".</li>
<li><strong><em>Hotel or house rental while your home is being rebuilt or repaired</em></strong><strong> -</strong> It's unlikely you'll ever need this protection, but if you do find yourself in this situation, it will undoubtedly be the best coverage you ever purchased. If your house has been completely destroyed or is so damaged that it's uninhabitable, you may need to rent another house or live in a hotel until it's repaired or rebuilt. This portion of homeowners' coverage would reimburse you for the cost of rent, hotel, restaurant meals and other incidental costs because you were unable to live in your house. Before you book a suite at the Ritz-Carlton and order caviar from room service, however, keep in mind that policies impose strict daily and total limits - but, of course, you can expand those daily limits if you're willing to pay more in coverage. </li>
</ul>
<p><strong>Different Types of Coverage<br />
</strong>All insurance is definitely not created equal. The least costly homeowners insurance will likely give you the least amount of coverage, and vice versa. </p>
<p>There are essentially three levels of coverage:</p>
<ul>
<li><strong><em>Actual cash value</em> -</strong> This value covers the house plus the value of your belongings <em>after</em> deducting depreciation (i.e., how much the items are currently worth, not how much you paid for them).</li>
<li><strong><em>Replacement cost</em> -</strong> This is the actual cash value <em>without </em>the deduction for depreciation, so you would be able to repair or rebuild your home up to the original value.</li>
<li><em><strong>Guaranteed (or extended) replacement cost </strong>-</em> The most comprehensive, this inflation-buffer pays for whatever it costs to repair or build your home - even if it's more than your policy limit! Certain insurers offer <em>extended</em> replacement, meaning it offers more coverage than you purchased, but there is a ceiling; typically, it is 20-25% higher than the limit. </li>
</ul>
<p><strong>How Much Does It Cost?<br />
</strong>The average yearly premium cost for U.S. homeowners insurance in 2008 (as of 2010, the latest year for which data is available) was $791, according the National Association of Insurance Commissioners, but premiums vary widely and depend on multiple factors. First, of course, price will be determined by how much coverage you buy, a decision you can only make after evaluating the market value of your house, completing a household inventory, and deciding how much liability protection you want.</p>
<p>Other variables that need to be considered include your zip code. If you live in a high-crime area, for example, insurance premiums will be higher. Companies also take into account the size of your house, how close it is to a fire hydrant, the condition of your plumbing, heating and electrical systems, how many claims were filed against the home you're seeking to insure, and even details like your credit score that reflect on how responsible a consumer - and, therefore, a homeowner - you are.</p>
<p>No matter what initial price you're quoted, you'll want to do a little comparison shopping. And don't forget there are many other ways to slash costs, such as raising deductible levels, buying multiple policies from the same insurer, getting all available discounts (for security devices, such as burglar alarms, for example), checking for group coverage options through credit or trade unions, employers, or association memberships, and boosting your credit score. (To learn more ways to reduce premiums, see <em><a href="/articles/pf/07/homeowners_insurance.asp">Insurance Tips For Homeowners</a></em>.)</p>
<p><strong style="font-size: 10pt;">Conclusion</strong></p>
<p>As with all insurance policies, they are under-appreciated until they are needed, and then they quickly become a godsend. Getting yourself set up with a comprehensive homeowners policy can go a long way toward making your home truly a place of comfort and security.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/articles/pf/08/homeowner-insurance.asp?rp=i" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:849f8f57-4619-4959-9ca5-77f4a6f6f0dahttp://www.nwinsurance.com/blog/put-together-a-winter-home-emergency-kit-part-2.aspxPut Together a Winter Home Emergency Kit, Part 2Continuing from last week's post, read more to see how you can be prepared for any scenario. Tools and Materials for Emergency Repairs: You don't need to be ready for a full scale remodeling project but you do need some basics. What if a tree branch ...Fri, 13 Jan 2017 18:15:00 -0600<p>Continuing from last week's post, read more to see how you can be prepared for any scenario.</p>
<p><strong>Tools and Materials for Emergency Repairs:</strong> You don't need to be ready for a full scale remodeling project but you do need some basics. What if a tree branch falls and breaks a window? In the middle of summer it's an annoyance, in the middle of a winter outage it's a giant icy hole to the outside world that will drop the temperature of your home below freezing in a matter of hours. Some heavy duty plastic sheeting and duct tape might not have the insulation value of a triple-pane window but it will keep hot air from drafting right out into your yard.</p>
<p><strong>Communicating from the Winter Wonderland:</strong> Phone lines can be damaged by winds and ice, but it is very rare for a winter storm to wipe out the cellular network in an area. Keep your cellphone charged and make sure you have a car charger for it&mdash;if the power outage is extended you'll need to top it off at some point. If cellphone service is spotty, you may want to consider sending an SMS message to communicate with friends and family. Often times SMS messages go through just fine when trying to place an actual voice call is sketchy due to weak signal. If you live in the countryside you might consider investing in a couple GMRS/FRS hand-held radios with some neighbors. You can pick up a modest but functional walkie-talkie set for around $30.</p>
<p><strong>Stay Well Stocked:</strong> If you live in an area where weather can keep you holed up, you need to get into the practice of shopping ahead. When you're buying your regular groceries, purchase a few extra non-perishable things to stock in the pantry. Don't wait to do your grocery shopping until it is critical that you get out <em>that day</em> to do so. The same principle applies to non-food items like batteries, salt and sand for your walk and driveway, and keeping your gas tank full in your car.</p>
<p><strong>Scaling Preparation for Your Situation and Budget:</strong> Finally, as we mentioned above, you'll need to scale your level of preparation to your budget and needs. If you can afford it and live in an area with frequent power outages, although a bit pricey, a home generator is a great investment. An apartment dweller that experiences extremely infrequent and brief outages could simply stockpile some batteries under the bed.</p>
<p>The important part in preparing for inclement weather and power outages is to run through potential and reasonable scenarios and what you need to do in various situations that may arise. What if an ice-laden tree falls onto your house? What if the power is out for more than a day? How will I heat food with no electricity? Does the heating system of your home require electricity? Have I told my roommate, spouse, or child what the plan is in the event of an emergency? Asking and answering questions like these well before you're under the stress of the actual situation helps you plan properly and keep stress to a minimum when that Douglas Fir actually does come through the picture window or the guy on the emergency weather radio says power won't be restored until next Tuesday. A small amount of planning now yields a lot of comfort later.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://lifehacker.com/5390502/put-together-a-winter-home-emergency-kit" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:24795681-a56f-449b-994f-865ee857e432http://www.nwinsurance.com/blog/put-together-a-winter-home-emergency-kit-part-1.aspxPut Together a Winter Home Emergency Kit, Part 1You likely have all sorts of things in your home right now that would serve you well in an emergency, with a few additions and some organization, you'll have a functional kit and contingency plan. Creating a home emergency kit can be a simple to enor...Fri, 06 Jan 2017 18:14:00 -0600<p>You likely have all sorts of things in your home right now that would serve you well in an emergency, with a few additions and some organization, you'll have a functional kit and contingency plan.</p>
<p>Creating a home emergency kit can be a simple to enormous undertaking depending on the level of energy and preparation you want to invest into it. Most people are on the "Stay warm and fed until the power comes back on" camp, not the "Prepared for zombie apocalypse" camp, and though it never hurts to prepare for the worst we'll be focusing more on the former than the latter.</p>
<p>Once you read over the following tips you can adopt them to fit your needs based on your locale and weather, size of your home, and how much storage space you have available.</p>
<p><strong>Know The Lay of the Land</strong>: Before all else you want to know how to control your home in the event of an emergency. Do you know where the water shutoff valve is? The emergency shut off valve for the gas? Which circuit breakers go to which part of your home? Many home emergencies can be quickly neutralized by knowing how to shut down the infrastructure of the home. Make sure the rest of the people in the house know how to do things like kill the water or electricity. It may not seem critical now, but if a pine tree comes crashing through your kitchen and water is spraying everywhere, knowing how to stop the geyser of water becomes quite important.</p>
<p><strong>Rotate Your Semi-Perishable Food:</strong> Canned goods and bottles of water keep well enough, but not forever. Arranging your pantry so that cans don't linger at the back ensures that when you're snowed in you'll be eating fresh canned fruits and vegetables instead of the dusty cans from three Thanksgivings ago. You can go all out and build a rotating shelf to keep your canned goods fresh, but for smaller scale storage a simple wire-frame can dispenser will fit on most pantry shelves.</p>
<p><strong>Keep Batteries and Flashlights on Hand:</strong> You'll always want batteries on hand. When it comes to keeping the lights on when the power is out, flashlights are king. Candles are a tragedy waiting to happen. Hundreds of house fires are started every year during power outages as people light up candles en masse to brighten their dark homes. It's 2009, you can buy ultra-efficient LED flashlights for less than the cost of a DVD. Even with the power out there's no excuse for lighting your home with fire.</p>
<p><strong>Have Alternative Heat:</strong> If you're preparing for a winter storm you most likely live somewhere with icy winter conditions and deep snow fall. When keeping warm during a winter storm there are two levels of warmth: safe and comfortable. If you're wearing layered clothing and have lots of blankets, 40-50F in your house is safe but not particularly comfortable. Nobody will get frost bite and pipes won't freeze. Comfortable is a personal thing&mdash;I'm comfy at 55F, most people prefer at least in the upper 60s&mdash;and you'll need to plan accordingly for it. Fireplaces, kerosene space heaters, and other combustion-based sources of heat are less than ideal compared to the efficiency and safety of a central furnace but when operated properly can help keep you warm until power and order are restored.</p>
<p>You absolutely need to make sure that whatever alternative source of heat you plan on using during an outage is clean, operational, and that everyone who will be using it understands how to use it safely. Clean out the chimney before you need it and give that kerosene heater a trial run when you're not under pressure. Unfortunately, unlike swapping candles for LED flashlights, there isn't an ultra modern replacement for ditching combustion-based heat for something fancy. Safety first!</p>
<p>Come back next week to finish reading about tips to prepare you for any situation that may arise.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://lifehacker.com/5390502/put-together-a-winter-home-emergency-kit" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:a31cc544-ae94-40a1-bdab-173e1249788fhttp://www.nwinsurance.com/blog/smart-insurance-new-years-resolutions.aspxSmart Insurance New Year's ResolutionsThe exercise equipment gathering dust in Americans' bedrooms and basements is a familiar sign of the way New Year's resolutions often are quickly abandoned. But a few resolutions you'll not only want to make but also stick with involve being more pru...Fri, 30 Dec 2016 18:13:51 -0600<p>The exercise equipment gathering dust in Americans' bedrooms and basements is a familiar sign of the way New Year's resolutions often are quickly abandoned. But a few resolutions you'll not only want to make but also stick with involve being more prudent about insurance.</p>
<p>That means spending wisely and getting the coverage that matters most. It's a good idea to start each year by taking stock of your coverage because auto, home, life and other insurance needs change over time -- as you move, switch jobs, add to your family, change vehicles and grow older.</p>
<p>When you have to use your insurance, the last thing you want is to learn that you don't have enough coverage. But you also want to make sure you aren't carrying more insurance than you really need.</p>
<p>Here are some New Year's resolutions to help you fine-tune your insurance policies.</p>
<h2>Auto Insurance</h2>
<p>Because auto insurance premiums may be tied to how often you drive and to your vehicle model, make certain you've alerted your insurer to any changes in driving habits, says Ron Moore, a senior product manager for MetLife Auto &amp; Home.</p>
<p>Consumers should "make sure their policy accurately reflects how their vehicles are used," he says. "Back when gas prices were low, we wanted to take the big luxury car to work. Now, with gas at $4 per gallon, you're driving the compact, and that can make a difference."</p>
<p>Consider dropping collision and comprehensive coverage on older vehicles to save money, he adds. Collision pays the costs of repairing cars following accidents, while comprehensive pays for losses not caused by accidents, such as theft or fire damage. Since your insurance company will repair or replace only up to the value of the vehicle, paying for full coverage on an aging car may not be worth it.</p>
<p>Another great resolution is to drive carefully, says Pete Moraga, spokesman for the Insurance Information Network of California.</p>
<p>"The most important thing that determines what you pay for auto insurance is your driving record," he says. "Observe the law."</p>
<h2>Home Insurance</h2>
<p>The start of a new year is a great time to update the inventory of your possessions. You'll need an accurate list if you ever have to make a home insurance claim.</p>
<p>"You probably have received (holiday) presents, and there are new things in the house," says Ron Moore, senior product manager with MetLife Auto &amp; Home. "Some of them could be worth a lot: your TV, your stereo, your computers, your clothes."</p>
<p>If you don't want to take time to write things down, "a very common way is to make a video recording of your home," he adds. "If there is a theft, you can go back and say 'I had this stuff.'"</p>
<p>Consider a special rider to cover expensive items that may exceed the limits of your home policy.</p>
<p>"If you have a big flat-screen TV that costs $1,000, you may want to schedule that separately," Moore notes. "The cost for a rider is usually pretty cheap. You can make sure your TV is covered for everything, including your 6-year-old kid hitting a ball through it."</p>
<p>Finally, make sure your home insurance coverage remains high enough if you ever have to repair or rebuild at today's construction prices.</p>
<h2>Life Insurance</h2>
<p>As you launch into a new year, look for ways to cut life insurance costs, says Debra Newman, who chairs the board for the nonprofit Life and Health Insurance Foundation for Education, or LIFE.</p>
<p>"Have you become healthier?" she asks. "Did you stop smoking? Did you lose a significant amount of weight? Are you off medications? You may now qualify for preferred rates."</p>
<p>If you're the family breadwinner, it's a good idea to make sure a nonworking spouse or domestic partner also has adequate coverage. The main reason for life insurance is to replace lost income, but a homemaker's work has value, too. "Think about what your partner does in any given month to keep your family functioning," Newman says. "You would have to replace that expense."</p>
<p>Kristen Komer, a MetLife vice president, suggests checking A.M. Best Co. ratings or other indicators of your life insurance company's financial health, to make sure it has the assets to pay your beneficiaries when you die.</p>
<p>"With all the changes that have happened in financial markets, it has never been a more important time to check the financial strength of a company," Komer says.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.bankrate.com/finance/insurance/smart-insurance-new-years-resolutions.aspx" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:a90139b7-f98b-4891-9070-bf751f2a22e5http://www.nwinsurance.com/blog/celebrate-the-season-of-light-safely.aspxCelebrate the Season of Light SafelyCandles, lights and decorations are an essential part of the holiday season. Unfortunately, they also increase the risk of fire and injury. Each year fires occurring during the holiday season injure nearly 3,000 individuals and cause over $900 millio...Fri, 23 Dec 2016 18:13:00 -0600Candles, lights and decorations are an essential part of the holiday season. Unfortunately, they also increase the risk of fire and injury. Each year fires occurring during the holiday season injure nearly 3,000 individuals and cause over $900 million in damage.*<br />
<br />
To have a safe and healthy holiday season, the Insurance Information Institute (I.I.I.) recommends following these important safety tips:<br />
<div><br />
<strong>Christmas trees</strong><br />
<ol>
<li><span style="line-height: 1.5em;">Pick out a freshly cut Christmas tree-one that is too dry can easily catch fire. Trim at least one inch from the bottom of the tree; this will increase the tree's ability to absorb water. Live trees need a lot of water so check the water level and refill often.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">Place the tree in a secure stand designed to hold the weight of the tree. Never place a Christmas tree near a heat source such as a fireplace, radiator or stove. Do not use candles to decorate a tree. And never go near a tree with an open flame such as a candle, lighter or matches.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">Dispose of the tree when it becomes dry, or when the needles begin to fall off in large quantities. Never burn old trees or needles in a fireplace or wood-burning stove. Instead, take it to a recycling center or have it removed by a community pick-up service.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">If you buy an artificial tree, make sure that it is made of fire-resistant material.</span></li>
</ol>
<div><br />
<strong>Decorations and lights</strong><br />
<br />
<ol>
<li><span style="line-height: 1.5em;">Do not overload electrical sockets by plugging too many cords into a single outlet. Always unplug holiday lights when no one is home or when everyone goes to sleep for the evening. Use only Underwriters Laboratories (UL) approved lights. Inspect old light strands for any cracks, frayed edges or bare spots. Throw out any damaged chords.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">When decorating a tree with lights, fasten them securely to the tree and make sure that no bulbs come in contact with needles or branches. Check wires regularly. If they become warm, unplug the lights immediately.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">Never use indoor lights outside. They are not designed to withstand the elements and if they get wet, can cause an electric shock. Remove outdoor lighting as soon as the season is over. Even specially created outdoor decorations are not designed to withstand prolonged exposure to the elements.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">Do not block exit paths to doors or fire escapes with Christmas trees or other decorations.</span></li>
</ol>
<div><strong>Fireplaces</strong><br />
<br />
<ol>
<li><span style="line-height: 1.5em;">Never burn wrapping paper in the fireplace. This may release fire-starting embers or produce a build-up of dangerous chemical fumes in the home.</span></li>
</ol>
<div><br />
</div>
<div><strong>Entertaining</strong><br />
<br />
<ol>
<li><span style="line-height: 1.5em;">If you entertain guests who smoke, provide large ashtrays and check for cigarette butts in upholstered furniture before going to bed. Cigarette fires are a leading cause of fire fatalities in the home.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">Do not leave the stove unattended when cooking-in the excitement of entertaining, it is easy to forget something on the stove and leave it to burn, causing a potential fire hazard.</span></li>
</ol>
<div><br />
</div>
<strong>Children and pets</strong><br />
<br />
<ol>
<li><span style="line-height: 1.5em;">Place all ornaments and candles out of reach of small children and pets. Small or breakable ornaments can be easily knocked down, which can result in cuts or choking. Curious children and playful pets can topple a tree in seconds causing serious injury.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">Beware of toxic decorations. Mistletoe and holly berries may be poisonous if more than a few are swallowed. Old tinsel may contain lead so discard old tinsel if you are not sure of its composition. Fire salts (which produce a multi-colored effect when thrown on burning wood) contain heavy metals, which if swallowed may cause serious gastrointestinal problems and vomiting.</span></li>
</ol>
<div><strong><br />
Candles</strong><br />
<br />
<ol>
<li><span style="line-height: 1.5em;">Check candles frequently to make sure they do not burn down too far or drip hot wax. Make sure candles are placed in sturdy, non-combustible holders away from decorations and other combustible materials.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">Clean and trim candlewicks to 1/8 inch to 1/4 inch before lighting. Long or crooked wicks cause uneven burning and dripping. Candles should be placed at least three inches apart so they do not melt onto one another. Keep candles free of wick trimmings, matches or any flammable material that might ignite.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;">Never leave candles burning unattended. Remember to snuff out all candles when leaving a room or before going to sleep.&nbsp;</span></li>
</ol>
<div><br />
Give your family the priceless gift of safety this holiday season. Prepare for the New Year by getting into good safety habits and teaching family members what to do in a fire or other emergency. Print a list of emergency phone numbers such as the poison control center, and police and fire departments and place them near the telephones in your home. Make sure that smoke detectors and fire extinguishers are in good, working condition.&nbsp;<br />
<br />
<br />
You may also want to consider installing a sophisticated alarm system that, in the event of an emergency, rings at an outside service to contact the fire, police or local emergency medical service.<br />
<br />
<br />
For more information on making your home safer, contact the United States Fire Administration at or the Candle Fire Safety Association.<br />
<br />
<br />
For more information on insurance and safety, visit the I.I.I. Web site.&nbsp;<br />
<br />
<br />
_________________<br />
*U.S. Fire Administration figures<br />
<div><br />
</div>
<br />
</div>
</div>
</div>
</div>
</div>
</div>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.iii.org/press-release/celebrate-the-season-of-light-safely-121107" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:37270d60-bea8-4480-8d7a-4a6ff3a0ef9chttp://www.nwinsurance.com/blog/tis-the-season-to-prepare-your-home-for-cold-weather.aspx'Tis the Season to Prepare Your Home for Cold WeatherWith plenty of snow and cold temperatures predicted for the northern United States this winter, it is important to prepare your home and review your insurance coverage, according to the Insurance Information Institute (I.I.I.).&nbsp; The 2016 Farmer...Fri, 16 Dec 2016 18:12:00 -0600With plenty of snow and cold temperatures predicted for the northern United States this winter, it is important to prepare your home and review your insurance coverage, according to the Insurance Information Institute (I.I.I.).&nbsp;<br />
<br />
The 2016 Farmers&rsquo; Almanac predicts snowier conditions than normal for the northern and central Great Plains, New England and parts of the Ohio Valley. In the Northeast and Mid-Atlantic states, the winter skies will be stormy and likely to drop a good amount of snow.<br />
<br />
Water damage, which can be caused by snowy conditions, and freezing account for almost 22 percent of all homeowners insurance claims and are the third-largest cause of catastrophe losses, behind only hurricanes and tornadoes. Winter storm related catastrophes in the U.S. caused $2.3 billion in insured losses in 2014, up from $1.9 billion in 2013, according to Munich Re. From 1994 to 2013 winter storms resulted in about $27 billion in insured U.S. catastrophe losses (in 2013 dollars), or more than $1 billion a year on average, according to Property Claim Services (PCS).<br />
<br />
Standard homeowners and renters policies cover winter related damage, such as that caused by burst pipes, ice dams and wind, as well as damage caused by either weight of ice or snow.<br />
<br />
Coverage for flooding, including flooding caused by melting snow, is available from FEMA&rsquo;s National Flood Insurance Program (NFIP) and from some private insurance companies. Melting snow can also overburden sewer systems, causing raw sewage to back up into the drains in your home. Backed up sewers can cause thousands of dollars in damage to floors, walls, furniture and electrical systems. Sewer back-up coverage can be purchased either as a separate product or as an endorsement to your homeowners or renters policy.<br />
<br />
Beyond making sure they have the proper insurance coverage, there are also steps homeowners can take to protect their homes before the official start of winter on Monday, December 21, 2015.<br />
<br />
<strong>Outside Your Home</strong><br />
<ol>
<li><span style="line-height: 1.5em; text-decoration: underline;">Clean out gutters. </span><span style="line-height: 1.5em;">Remove leaves, sticks and other debris so melting snow and ice can flow freely. This can prevent ice damming, a condition in which water seeps into the house, potentially damaging ceilings and walls.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><span style="text-decoration: underline;">Install gutter guards</span> to prevent debris from entering the gutter and interfering with the flow of water away from the house and into the ground.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><span style="text-decoration: underline;">Trim trees and remove dead branches.</span> Ice, snow and wind can cause weak trees or branches to break and damage your home or car, or injure someone walking by your property.</span></li>
</ol>
<div><br />
<strong>Inside Your Home</strong><br />
<ol>
<li><span style="line-height: 1.5em;"><span style="text-decoration: underline;">Add extra insulation to attics, basements and crawl spaces.</span> If too much heat escapes through the attic, it can cause snow or ice to melt and then re-freeze on the roof resulting in an ice dam that can cause significant roof damage. Well-insulated basements, crawl spaces and unfinished rooms, such as garages, protect pipes from freezing</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><span style="text-decoration: underline;">Provide a reliable back-up power source.</span> In the event of an electrical outage, continuous power will keep your home warm and prevent frozen pipes. Consider purchasing a portable generator to ensure your household&rsquo;s safety.</span></li>
</ol>
<div><br />
Preparing for severe winter weather and other disasters is especially important for vulnerable populations such as older adults. Review the I.I.I.&rsquo;s <a target="_blank" href="http://www.iii.org/article/disaster-planning-for-older-adults">Preparedness Checklist for Seniors and Caretakers</a> if you have an elderly relative or friend who may need help getting ready for the winter season.<br />
<br />
For more information on preparing your home against damage from Mother Nature, go to the <a target="_blank" href="https://www.disastersafety.org/freezing_weather/">Insurance Institute for Business &amp; Home Safety</a> (IBHS).<br />
</div>
</div>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.iii.org/article/tis-the-season-to-prepare-your-home-for-cold-weather-the-iii-offers-tips-for-preventing-winter-related-damage" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:26a216af-d3ce-4d63-9007-9800df356560http://www.nwinsurance.com/blog/this-holiday-season-give-yourself-the-gift-of-a-home-inventory.aspxThis Holiday Season Give Yourself the Gift of a Home InventoryThe holidays are always a good time to take an inventory of everything you own in the event disaster strikes. The importance of creating and keeping a home inventory has become more evident than ever, says the Insurance Information Institute.&nbsp; ...Fri, 09 Dec 2016 18:12:00 -0600The holidays are always a good time to take an inventory of everything you own in the event disaster strikes. The importance of creating and keeping a home inventory has become more evident than ever, says the Insurance Information Institute.&nbsp;<br />
<br />
At this time of year, many homes fill up with new, often expensive, holiday gifts. According to the Insurance Information Institute (I.I.I.), a good home inventory record is the best way to protect your belongings in the event your home is destroyed in a fire or other disaster.&nbsp;<br />
<br />
"An up-to-date home inventory is one of the best ways to make the most of your insurance dollars," says Jeanne Salvatore, senior vice president and consumer spokesperson for the I.I.I. "A home inventory is basically a list of all of your personal possessions and their estimated value."<br />
<br />
A home inventory helps you to:<br />
<ol>
<li>Purchase enough insurance to replace the items you own&nbsp;</li>
<li>Get insurance claims settled faster</li>
<li>Substantiate losses for income tax purposes</li>
</ol>
<div><br />
To encourage homeowners and renters to conduct a home inventory, the I.I.I. has created "Know Your Stuff-Home Inventory Software, Version 2.0," which can be found at http://www.knowyourstuff.org . In order to make the task of creating an inventory simpler, the Know Your Stuff software allows you to organize your possessions according to the room in which they are located and provides lists of possessions that are typically be found in certain rooms as a prompt. It also has the capacity to store digital photographs so that you can document your possessions visually.<br />
<br />
"More and more of us have all kinds of high tech gadgets," says Salvatore. These are expensive to replace, so it is all the more important to keep track of them for insurance purposes." In fact, according to the Consumer Electronic Association's annual holiday survey, after peace, happiness and health, MP3 players and plasma TVs top the list of most wanted gifts this holiday season.<br />
<br />
Consumers can, of course, simply note all of their belongings in a notebook and keep a file of major receipts. But using technology such as computers and/or digital cameras or video recorders simplifies the process. With the Know Your Stuff software you can store digital photographs of important items along with your list of possessions. And using a digital video camera can be quite effective, as it enables you to narrate what you are filming.<br />
<br />
When making a record of possessions, it is essential to note expensive items such as jewelry, furs and collectibles since they may require additional insurance. But, it is also important to make note of more commonplace items such as toys, CDs, clothing and even towels and linens since the cost of replacing these items can really add up if you suffer a major disaster, according to the I.I.I.<br />
<br />
"If your household gets involved, this project can be fun. Children can help by opening closets and drawers and listing what is in there," says Salvatore.<br />
<br />
More importantly, it is easy to update and store a digital home inventory. It takes nothing more than the click of a mouse to add a new possession. And when it comes to storing your digital home inventory, you can easily burn it onto a CD or print out a room-by-room document-either of these can be stored in a safety deposit box or other secure location.<br />
<br />
The Know Your Stuff software can be downloaded at the I.I.I.'s Web site ( http://www.iii.org ). The software and your personal home inventory files are all stored on your computer; to safeguard your privacy, the I.I.I. will not have access to any of the information you input. Once you have downloaded the software, it is your responsibility to save your home inventory in a secure location.</div>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.iii.org/press-release/keeping-track-this-holiday-season-give-yourself-the-gift-of-a-home-inventory-121505" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:e98e9650-bfe8-4a7b-b538-34d35e091edchttp://www.nwinsurance.com/blog/homeowners-urged-to-protect-their-property-against-holiday-burglaries.aspxHomeowners Urged to Protect Their Property Against Holiday BurglariesOne quarter of all home burglaries occur during the winter months, according to the Federal Bureau of Investigation (FBI). That's when many homeowners are out-of-town for the holidays. Crooks will steal electronics and jewelry, even the presents unde...Fri, 02 Dec 2016 18:11:00 -0600One quarter of all home burglaries occur during the winter months, according to the Federal Bureau of Investigation (FBI). That's when many homeowners are out-of-town for the holidays. Crooks will steal electronics and jewelry, even the presents under your tree! The Insurance Information Institute (I.I.I.), urges everyone to make sure their homes are not an "easy mark" for thieves determined to steal their holiday joy.<br />
<br />
"By taking some simple precautions, homeowners can prevent burglaries at this hectic time of year," says Alejandra Soto, spokesperson for the I.I.I. "This is a time of good cheer. We want to help homeowners keep it that way."<br />
<br />
Residential burglaries accounted for 65.8 percent of all reported burglaries in 2002, with a third of those occurring during the months of November through January, according to the FBI. Furthermore, insurers pay over one billion dollars in homeowners insurance claims each year. Residential burglaries average $1,381 in losses per burglary, notes the I.I.I.<br />
<br />
"We've seen the number of burglaries nationally rise slightly in past years," says Soto. "The struggling economy has influenced that to some extent. Add the surge in consumer spending that accompanies the holidays and it is a recipe for greater homeowner vulnerability and risk."<br />
<br />
<strong><span style="text-decoration: underline;">To keep your home safe, follow these preventive measures:</span></strong><br />
<br />
<ol>
<li><span style="line-height: 1.5em;"><strong>Keep your home well lit.</strong> Mount exterior lights out of reach in your yard or on your house. Put indoor lights on a timer.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><strong>Make it time-consuming to break into your home.</strong> Keep doors and windows securely locked. Install dead-bolts on all exterior doors.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><strong>Make it noisy to break into your home.</strong> Invest in a burglar alarm - over 90 percent of burglars say they would avoid a home with an alarm. The most effective alarm rings at an outside service, which alerts the police, fire or other emergency service.&nbsp;</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><strong>Make sure you have strong doors.</strong> The best lock will not deter a burglar if it is installed in a weak door.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><strong>Keep shrubbery trimmed.</strong> The landscape of your home should not provide a burglary-friendly environment. Shrubbery should be kept below window level so thieves can not hide behind them.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><strong>Turn off your computer and disconnect it from the internet.</strong> If you save personal information in your computer, make sure it is difficult to access. You don't want a hacker at work while you are on vacation.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><strong>Keep valuables under lock and key and well hidden.</strong> When possible, do not leave personal documents in your desk at home - burglars know to look for them there. Put critical documents in a lock box somewhere else in the house. Also, keep copies of important documents at another location - a relative's home for example, for quick access in case you need to report identity theft. Expensive jewelry should also be hidden in another room besides the bedroom.</span></li>
</ol>
<div><strong><span style="text-decoration: underline;">If you plan on traveling out of town, follow these additional steps:<br />
</span></strong><span style="line-height: 1.5em;"><br />
<ol>
<li><span style="line-height: 1.5em;"><strong>Have mail and packages picked up, forwarded or held by the post office. </strong>Stop newspaper deliveries and ask a neighbor to pick-up "throw-away" circulars.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><strong>Leave blinds or curtains open in their usual position. </strong>Make it appear that you are at home.</span></li>
<li><span style="line-height: 1.5em;"></span><span style="line-height: 1.5em;"><strong>Ask a neighbor for help. </strong>Don't tell people you don't know and trust that you are going away. Instead, ask a neighbor you trust to keep an eye on your home while you are away.</span></li>
</ol>
</span>
<div><br />
Theft of personal possessions and damage to the home caused by a break-in is covered under a standard homeowners insurance policy. If you have replacement cost coverage it will replace a stolen item without deducting for depreciation. Actual cash value coverage will pay only what the stolen item is worth today. With replacement cost, which is only about 10 percent more than actual cash value, damaged property is replaced without deducting for depreciation.&nbsp;<br />
<br />
Most insurance companies provide discounts to policyholders who invest in home security. If you install dead-bolt locks on your exterior doors, you can obtain a discount of two to five percent. A sophisticated alarm system could result in an insurance discount between 15 to 20 percent.</div>
</div>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.iii.org/press-release/homeowners-urged-to-protect-their-property-against-holiday-burglaries-120903" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:d982b63a-c107-4f44-93c4-c9ea965ff2behttp://www.nwinsurance.com/blog/whats-the-difference-between-renters-insurance-and-homeowners-insurance.aspxWhat's the difference between renter's insurance and homeowner's insurance?Whether you rent or own your home, the property as well as its contents should be protected with insurance. For those who own homes, homeowners insurance can protect the home and the home's contents. If the home is a rental, the owner of the home wou...Fri, 25 Nov 2016 18:11:00 -0600<p>Whether you rent or own your home, the property as well as its contents should be protected with insurance. For those who own homes, homeowners insurance can protect the home and the home's contents. If the home is a rental, the owner of the home would insure the property, while the renter is responsible for insuring the contents of the home. Both homeowners and renters insurance require regular payments that can range from monthly up to one lump annual payment, and a policy must be in good standing in order to pay out on a claim. Both also require the payment of a deductible for claims, unless otherwise specified in the policy.</p>
<p>A homeowners insurance policy is taken out by the owner of the home. A property owner is not obligated to insure his or her property unless there are special circumstances, but a homeowner who has a mortgage is required to take out an insurance policy. The amount of insurance generally covers the cost to replace the home in the event of a total loss, and additional insurance can be added to cover the replacement value of the items in the home. If a home costs $200,000 to rebuild and the items inside the home cost $150,000 to replace, a homeowner who wanted to cover everything would need to insure the property for at least $350,000.</p>
<p class="last-spacing">Renters insurance is for occupants who do not own the property but want to protect their personal belongings that are in the home or on the property. It is important for renters to note that the property owner's insurance policy does not cover them, and their items are lost in the event they are damaged or destroyed. Renters insurance policies will reimburse a renter for the replacement cost of property that is lost or damaged while on the property.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/ask/answers/101314/whats-difference-between-renters-insurance-and-homeowners-insurance.asp" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:374ec255-5b9f-4bef-ae9b-01ad76d755cfhttp://www.nwinsurance.com/blog/simple-tips-to-avoid-insurance-claims-during-thanksgiving-travel.aspxSimple Tips to Avoid Insurance Claims During Thanksgiving TravelWith millions of Americans traveling to see family and friends for the Thanksgiving holiday, remember to take a few steps to prepare your home so that you avoid returning to a big mess and an insurance claim, says the Property Casualty Insurers Assoc...Fri, 18 Nov 2016 18:11:00 -0600<p>With millions of Americans traveling to see family and friends for the Thanksgiving holiday, remember to take a few steps to prepare your home so that you avoid returning to a big mess and an insurance claim, says the Property Casualty Insurers Association of America (PCI).<br />
<br />
&ldquo;You start the dishwasher just before you run out the door and hit the road for your Thanksgiving holiday with the intention of returning home to clean dishes, only to come back a week later to a flooded kitchen,&rdquo; said Christopher Hackett. &nbsp;&ldquo;Water claims, robberies and home fires are a few of the hazards that can dampen holiday cheer. Fortunately, there are simple steps to take that will avoid calamities and ensure a happy and claim-free holiday season.&rdquo;<br />
<br />
AAA forecasts 43.4 million Americans will travel 50 miles or more for Thanksgiving by car, plane or other means. &nbsp;AAA reports that Thanksgiving traveling is expected to decline by 1.5 percent down from 2012.<br />
<br />
&ldquo;Take a few minutes before loading up the car to prevent the most common types of claims,&rdquo; said Hackett. &nbsp;&ldquo;Don&rsquo;t alert criminals to your travel plans by posting your departure on Facebook or Twitter. &nbsp;You can always talk about how great your trip was once you are back home. The top driving safety tips are to buckle up, don&rsquo;t drink and drive and avoid distractions of all types. With more people on the roads, often driving in unfamiliar territory, the potential for a traffic crash increases. We encourage motorist to plan their routes in advance when traveling on unfamiliar roads, be patient and allow extra travel time.&rdquo;<br />
<br />
For those staying home keep in mind that home cooking, candles and washers and dryers are the main culprits for household fires. If you fry the turkey, do it outside. The National Fire Protection Association (NFPA) reports that deep-fryer fires destroy 900 homes causing more than $15 million in property damage annually. Also never leave candles unattended near children or pets. According to the NFPA, fire departments respond to over 11, 600 home structure fires started by candles each year, resulting in $438 million in direct property damage. NFPA also reports that dryers and washing machines were involved in one out of every 22 home fires between 2006 &ndash; 2010. &nbsp;Clothes dryers account for 92 percent of household fires and the leading cause of dryer fires is failure to clean out the lint trap.<br />
<br />
<strong>How to have a happy and claims-free Thanksgiving:</strong></p>
<ol>
<li><strong>Don&rsquo;t leave appliances on as you depart</strong>: Don&rsquo;t leave the dryer, dish washer or washing machine on as you leave the house. &nbsp;A hose can break or a fire can start and no one is home to turn off the appliance and avoid damage.</li>
<li><strong>Turn off the water to your hoses:</strong> Turn the water to your washing machine so if a hose breaks a flood is avoided.</li>
<li><strong>Set alarms</strong>: Remember to set your burglar alarm as you leave. &nbsp;Central monitoring alarms can detect a fire or break in.</li>
<li><strong>Close and lock doors and windows:</strong> Be sure to close and lock all doors before you go. &nbsp;Invest in a deadbolt lock.</li>
<li><strong>Timers for lights</strong>: &nbsp;Make the home looked lived in. &nbsp;Set timers for lights around the house at random times.</li>
<li><strong>Don&rsquo;t Invite Intruders</strong>: Don&rsquo;t post your vacation plans on social media sites, burglars track social media to see who is home and who is not at home.</li>
<li><strong>Wrap your pipes</strong>: &nbsp;If you live in a cold weather area, wrap your outside pipes with foam or towels and duct tape. &nbsp;Don&rsquo;t turn your heater off completely while you are away.</li>
<li><strong>Keep your important papers secure</strong>: Place your most important documents in a safe deposit box or in a fire proof safe.</li>
</ol>
<p style="text-align: right; font-style: italic; font-size: 0.8em;">Read More: <a href="https://www.getitc.com/content/2016/10/20/8-simple-tips-to-avoid-insurance-claims-during-thanksgiving-travel" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:98fbd9ed-3dd3-4192-8a5c-be7d1d90c0a4http://www.nwinsurance.com/blog/insurance-tips-for-homeowners.aspxInsurance Tips For HomeownersHomeowners'&nbsp;insurance&nbsp;isn't a luxury, it's a necessity. In fact, most mortgage companies won't make a loan or finance a residential real estate transaction unless the buyer provides proof of coverage for the full or&nbsp;fair value&nbsp;of ...Fri, 11 Nov 2016 18:10:00 -0600<p>Homeowners'&nbsp;insurance&nbsp;isn't a luxury, it's a necessity. In fact, most mortgage companies won't make a loan or finance a residential real estate transaction unless the buyer provides proof of coverage for the full or&nbsp;fair value&nbsp;of the property (most of the time this is the purchase price). In this article, we'll show you some simple actions you can take to make sure your homeowners' insurance is sufficient for your needs.</p>
<p>Homeowners' insurance can be very expensive. Those that live in high-risk areas such as close to major waterways, known earthquake fault lines or other high claims areas will pay the most for coverage. In fact, those in high-risk areas are often forced to pay annual&nbsp;premiums&nbsp;in the many thousands of dollars. But even homeowners in relatively sedate, suburban neighborhoods (with property values around the national average of $210,000) could pay between $500 and $1,000 a year for a basic policy.</p>
<p>The good news is that although you can't (and shouldn't) avoid purchasing homeowners' insurance, there are ways to minimize the cost.</p>
<p>Here are six ways to make sure you get the right coverage and consequent compensation for your home:</p>
<p><strong>1) Maintain a Security System and Smoke Alarms:</strong>&nbsp;A burglar alarm that is monitored by a central station, or that is tied directly to a local police station, will help lower the homeowner's annual premiums, perhaps by 5% or more. In order to obtain the discount, the homeowner must typically provide proof of central monitoring in the form of a bill or a contract to the insurance company.</p>
<p>Smoke alarms are another biggie. While standard in most modern houses, installing them in older homes can save the homeowner 10% or more in annual premiums. Of course, even more importantly, in case of fire, they could save your life!</p>
<p><strong>2) Raise Your Deductible:&nbsp;</strong>Like health insurance or car insurance, the higher the&nbsp;deductible&nbsp;the homeowner chooses, the lower the annual premiums. However, the problem with selecting a high deductible is that smaller claims/problems such as broken windows or damaged sheetrock from a leaky pipe, which typically will cost only a few hundred dollars to fix, will most likely be absorbed by the homeowner.</p>
<p><strong>3) Look for Multiple Policy Discounts:&nbsp;</strong>Many insurance companies give a discount of 10% or more to their customers that maintain other insurance contracts under the same roof (such as auto or health insurance). Consider obtaining a quote for other types of insurance from the same company that provides your homeowners' insurance. You may end up saving on two annual policy premiums.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/articles/pf/07/homeowners_insurance.asp?rp=i" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:daedd296-c796-4c2c-8af6-b03408915466http://www.nwinsurance.com/blog/7-factors-that-affect-your-life-insurance-quote.aspx7 Factors That Affect Your Life Insurance QuoteLife insurance is a great way to protect your loved ones financially, but it&rsquo;s also a major investment. Over a period of years, even a slightly lower premium can yield major savings. The following are some of the biggest factors that insurers c...Fri, 04 Nov 2016 18:10:00 -0500<p>Life insurance is a great way to protect your loved ones financially, but it&rsquo;s also a major investment. Over a period of years, even a slightly lower premium can yield major savings. The following are some of the biggest factors that insurers consider when pricing out their policies. Some of these criteria are outside your control, while others are things you can remedy with simple lifestyle choices.</p>
<p><strong>Age</strong></p>
<p>Not surprisingly, the number one factor behind life insurance premiums is the age of the policyholder. If you&rsquo;re young, the chances are that you&rsquo;ll be paying the insurer for years before they ever have to worry about writing your family a check. Consequently, you&rsquo;re better off taking out a policy before it&rsquo;s too late. But that doesn&rsquo;t mean you need insurance right after college if you don&rsquo;t have any financial dependents.</p>
<p><strong>Gender</strong></p>
<p>Next to age, gender is the biggest determinant of pricing. Insurance carriers use statistical models to approximate how long someone with a specific profile will be around. The fact is that women, on average, live nearly five years longer than men. And because they&rsquo;re usually paying premiums for a longer period of time than males, they enjoy slightly lower rates. Sorry, guys.</p>
<p><strong>Smoking</strong></p>
<p>Smoking puts you at a higher risk for all sorts of health ailments. So if you like to light up, it&rsquo;s a red flag for insurance companies. In fact, it&rsquo;s not uncommon for smokers to pay more than twice as much as non-smokers for comparable coverage. The effect on your pocketbook is another great reason to try and kick the habit.</p>
<p><strong>Health</strong>&nbsp;&nbsp;</p>
<p>The underwriting process for most carriers includes a medical exam in which the company records height and weight, blood pressure, cholesterol and other key metrics. They may also require an electrocardiogram (ECG or EKG) to check your heart in some cases. It&rsquo;s important to get any serious conditions like high cholesterol and diabetes managed before searching for coverage to ensure a competitive rate. Some companies do offer &ldquo;no exam&rdquo; policies, but you can expect to pay more.&nbsp;</p>
<p><strong>Lifestyle</strong></p>
<p>Is your favorite pastime racing cars or climbing treacherous mountains? If so, you&rsquo;ll probably have to shell out substantially more for insurance. Any time you engage in high-risk activities, there&rsquo;s an increased likelihood that you&rsquo;ll meet an early end &ndash; a big concern for carriers. Some companies also charge more if you have a relatively dangerous profession, such as mining, fishing or transportation.&nbsp;</p>
<p><strong>Family medical history</strong></p>
<p>There&rsquo;s not much you can do about your gene pool. However, a family history of stroke, cancer or other serious medical conditions may predispose you to these ailments and lead to higher rates. Carriers are usually interested in any conditions your parents or siblings have experienced, particularly if they contributed to a premature death. Some carriers put more emphasis on your family&rsquo;s health than others, but it&rsquo;s likely to have some impact on your premium.</p>
<p><strong>Driving record</strong></p>
<p>It may come as a surprise, but many life insurance companies look at your driving record during the underwriting process. Whether or not they ask about violations on the application, they can access Department of Motor Vehicles records to find out if you&rsquo;ve run afoul of the traffic laws. Keep in mind that the last 3-5 years carry the most weight, so if you&rsquo;ve improved your driving habits, you may benefit with a more favorable price.</p>
<p><strong>The Bottom Line</strong></p>
<p>Your life insurance quote is based on a number of factors, some of which may be beyond your control. When researching life insurance policies, it's important to assess your profile based in part on the above factors, and choose an insurer who is less likely to penalize people in your particular position.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/articles/investing/102914/7-factors-affect-your-life-insurance-quote.asp" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:294fc9d5-d099-4bcd-993a-93c9826fe22ehttp://www.nwinsurance.com/blog/five-life-insurance-mistakes-that-can-haunt-you.aspxFive Life Insurance Mistakes That Can Haunt YouWith Halloween just around the corner, children&rsquo;s thoughts turn to candy and costumes. Their parents and grandparents should be focusing on more macabre matters &mdash; like the life insurance policies they bought (or are thinking of buying) to...Fri, 28 Oct 2016 18:09:00 -0500<p>With Halloween just around the corner, children&rsquo;s thoughts turn to candy and costumes. Their parents and grandparents should be focusing on more macabre matters &mdash; like the life insurance policies they bought (or are thinking of buying) to secure the financial future of these little ghosts and goblins if a key provider dies.</p>
<p>Though life insurance can serve various purposes, for most people, it is a tool for income replacement &mdash; to pay the mortgage or foot the bill for college if the unthinkable happens. Often a term-life policy, which provides a preset death benefit when the insured person dies, is all they need. Premiums for these policies, typically offered for 10- or 15-year terms, have fallen sharply in recent years.</p>
<p>But unfortunately it&rsquo;s not enough to stuff the policy in a drawer and forget about it. Here are some&nbsp;potentially costly life insurance pitfalls that could escape your notice.</p>
<p><strong>1. Rate increases. </strong>With a level premium, term-life policy, you&rsquo;re guaranteed that the cost of the plan will not go up during the initial coverage period &ndash; for example, 10 or 15 years. But after that, watch out. When the stated period is up, you&rsquo;re likely to get an invoice for the latest premium that&rsquo;s many multiples of what you had been paying previously. Somewhere in the policy fine print there&rsquo;s probably wording that says the policy is renewed automatically if the premium (meaning whatever you&rsquo;ve been billed) is paid.</p>
<p><strong>2. Affinity groups. </strong>Various professional associations offer life insurance to their members at group rates. They save you the trouble of shopping, but the price won&rsquo;t necessarily be less than what you could find on the open market or through a reputable insurance broker. There is a hidden cost of buying insurance this way, too: In order to maintain the policy, you generally must keep your membership in the group current by paying the organization&rsquo;s yearly dues. You may find yourself locked into the membership purely to maintain the insurance policy, even if professionally you&rsquo;re not getting much out of the affiliation.</p>
<p><strong>3. Beneficiary designations.</strong> This is a document given to an insurance company or financial institution indicating who should inherit certain assets that do not pass under a will or trust &mdash; such as retirement accounts and the proceeds of a life insurance policy. You fill out the form when you buy the policy, but can later amend it.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.forbes.com/sites/deborahljacobs/2014/10/20/five-life-insurance-mistakes-that-can-haunt-you/" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:953db5e9-efbf-4646-9684-a29952707e6chttp://www.nwinsurance.com/blog/halloween-accidentsndashare-you-covered.aspxHalloween Accidents&ndash;Are You Covered?Soon, ghouls, goblins and The Little Mermaid will be at your front door. Are you prepared? We aren&rsquo;t talking candy-bought, decorations-up prepared. We mean, what happens if Glenda the Good Witch breaks her arm or your house is egged? Are you co...Fri, 21 Oct 2016 18:08:00 -0500<p>Soon, ghouls, goblins and The Little Mermaid will be at your front door. Are you prepared?</p>
<p>We aren&rsquo;t talking candy-bought, decorations-up prepared. We mean, what happens if Glenda the Good Witch breaks her arm or your house is egged? Are you covered for that? Or will a night of tricks and treats become an expensive horror?</p>
<p>[insert Hitchcock-approved music here]</p>
<p><strong>Note:</strong> Not all insurance policies are created equal! The following guidelines are standard, but there are exceptions. It&rsquo;s important to get to know your insurance policy before you have to file a claim.</p>
<p>Here are three possible Halloween problems, and the skinny on what is and isn't covered by a typical policy.</p>
<h2>Trick-or-Treater Slips and Falls</h2>
<p>Trick-or-treating can be really exciting! So exciting that little kids run and trip. And fall. Fortunately, most homeowner policies provide liability coverage if someone is injured on your property. The standard amount per occurrence is &nbsp;$100,000, but you may be able to increase this amount depending on your policy.&nbsp;<strong>Tip:</strong>&nbsp;To prevent this from happening, it&rsquo;s important to&nbsp;prepare your house for Halloween! Plenty of&nbsp;lights&nbsp;and a clear walkway will decrease the likelihood of an accident.&nbsp;</p>
<p><strong>Note:</strong>&nbsp;If you&rsquo;re sued because of the accident, your policy may also pay to defend you in court. But keep in mind that you&rsquo;re typically only covered for negligence. You aren&rsquo;t covered for intentional injuries &ndash; meaning if little Glenda the Good Witch hurts little Kevin the cowboy, you won&rsquo;t be covered!</p>
<h2>Jack-o-Lantern Catches Fire</h2>
<p>Do you light your jack-o-lantern with a candle? If so, you&rsquo;re not alone. Over the last three years, an average of 15,500 fires per year were caused by an open-flamed jack-o-lantern, according to the U.S. Fire Administration.</p>
<p>Fortunately, most homeowner policies cover fire from a lit candle or a string of decorative electrical lights. If the fire displaces your family, insurance will typically cover the cost of additional living expenses.</p>
<p><strong>Note:</strong>&nbsp;Coverage may be limited due to &ldquo;negligence&rdquo; depending on the origin of the fire &ndash; for example, if you had a bonfire in your living room, that&rsquo;s negligence. If you're planning an ambitious flame display this year, check with your insurance company to determine how they define &ldquo;negligence.&rdquo;</p>
<h2>&ldquo;Tricks&rdquo; Dent Your Siding&nbsp;</h2>
<p>For the most part, &ldquo;trick-or-treat&rdquo; is heavy on the treat part. But, not always. Sometimes, tricks happen, too. And next thing you know, your house is egged (or worse), and there&rsquo;s damage to your siding!</p>
<p>If this happens to you, it&rsquo;s considered vandalism under most standard insurance policies, which means you will be protected. If the repair cost exceeds your&nbsp;<span style="font-size: 9pt; line-height: 107%; font-family: Arial,sans-serif;">deductible&nbsp;</span>for vandalism, the insurance company will cover the repairs. If you&rsquo;re concerned about any mischief on Halloween, double-check your homeowners insurance policy to make sure vandalism is covered.</p>
<p><strong>Note:</strong>&nbsp;Many policies don&rsquo;t cover vandalism if a property has been vacant for 30 days or more. If you&rsquo;re planning an extended trip or have a second home, speak with an agent about the vandalism portion of your policy.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="https://brightnest.com/posts/are-you-covered-insurance-loopholes-for-3-halloween-accidents" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:fb297b9c-6eec-4432-994c-088d3ffa93behttp://www.nwinsurance.com/blog/how-do-i-determine-the-face-value-of-a-life-insurance-policy.aspxHow do I determine the face value of a life insurance policy?For any life insurance policy, the face value is the death benefit. This is the stated dollar amount that the policy's beneficiaries receive upon the death of the insured. In most cases, the face value is transferred to the beneficiaries tax-free. A ...Fri, 14 Oct 2016 18:00:00 -0500<p>For any life insurance policy, the face value is the death benefit. This is the stated dollar amount that the policy's beneficiaries receive upon the death of the insured. In most cases, the face value is transferred to the beneficiaries tax-free. A policy's face value can be supplemented by additional benefits that have been added beyond the basic plan coverage. Face value is different from cash value.</p>
<p>To calculate the full benefit that is paid out to beneficiaries in the event of the insured's death, consult the schedule of benefits in the policy. Most life insurance companies also offer riders, which are additional benefits that can be purchased on a plan. For example, some riders stipulate that the face value doubles if the insured dies because of a specific type of accident. All together, the face value plus additional benefits are what constitute the policy's total death benefit.</p>
<p>Face value is one of the most important factors that influence the cost of a life insurance policy. A 25-year old woman trying to buy a term life insurance policy from Company XYZ would expect to pay more for a $500,000 face value policy than a $100,000 face value policy, for example. The face value is the amount that the insurance company is on the hook for should the woman die during the course of the term.</p>
<p class="last-spacing">There are many different events that can trigger a change in face value for a policy. In some policies, cash value can potentially grow large enough that it actually causes corresponding increases in face value. Unpaid loans from an insurance policy can be deducted from the policy's face value. Sometimes, a reduced face value can be paid out in the event of serious injury to the insured. Any potential change in face value is addressed in the policy itself.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/ask/answers/013015/how-do-i-determine-face-value-life-insurance-policy.asp" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:46cf4122-6c32-4d33-8446-79ef03f67607http://www.nwinsurance.com/blog/understanding-life-insurance-loans.aspxUnderstanding Life Insurance LoansIf you need money in an emergency, one place to look is your insurance policy. That is, if what you have is permanent life insurance&nbsp; &ndash; available as either &ldquo;whole life&rdquo; and &ldquo;universal life&rdquo;. Unlike term life insuran...Fri, 07 Oct 2016 18:00:00 -0500<p>If you need money in an emergency, one place to look is your insurance policy. That is, if what you have is permanent life insurance&nbsp; &ndash; available as either &ldquo;whole life&rdquo; and &ldquo;universal life&rdquo;.</p>
<p>Unlike term life insurance, which has a set time limit on its coverage period and does not accumulate cash value, universal life does have a cash component, especially later on. "In the early years of the policy, most of the premium goes to funding the indemnity benefit. As the policy matures, cash value increases," says Luke Brown, a retired insurance lawyer.&nbsp;</p>
<p><strong>How Much, How Soon</strong></p>
<p>As cash value builds in a whole or universal life insurance policy, policy holders can borrow against the accumulated funds. Life insurance policy loans have one distinct advantage: The money goes to your bank account tax-free.&nbsp;</p>
<p>Insurers generally make no promises as to how fast or to what extent the cash value will increase.&nbsp; So it&rsquo;s hard to know exactly when your policy will be eligible for a loan. What's more, insurers have varying guidelines outlining how much cash value a policy must have before you can borrow against it &ndash; and what percentage of cash value you can borrow.</p>
<p>Your policy is likely to have sufficient cash value to borrow against&nbsp; "typically after the 10<sup>th</sup> year the policy is in force.&rdquo;</p>
<p>Something else to know: This loan isn't taking money from your own cash value. &ldquo;You are actually borrowing from the insurance company and using your policy&rsquo;s cash value as collateral,&rdquo; says Reich.</p>
<p><strong>No Need to Repay</strong></p>
<p>One attractive aspect of loans against cash value is that you don't have to repay them &ndash; a huge benefit in an emergency.</p>
<p>If you do pay back all or a portion of the loan, options include periodic payments of principal with annual payments of interest, paying annual interest only or deducting interest from the cash value. &ldquo;Loans have an interest rate like any other type of loan. It tends to be in the 7% to 8% range, which is high in our current environment," says Reich. Interest will be fixed or variable, depending on your policy.</p>
<p>There is a good reason to repay the loan if you can. &ldquo;If the loan is not paid back before death, the insurance company will reduce the face amount of the insurance policy when the claim is paid,&rdquo; says Ted Bernstein, CEO, Life Insurance Concepts, Inc..</p>
<p>The accumulated interest can cut deeply into the benefit: &ldquo;If the policy loan remains outstanding for many years, the amount of the loan grows and grows due to the added interest,&rdquo; Brown cautions. &ldquo;That puts the policy at risk of not providing beneficiaries any money upon the death of the insured.</p>
<p>&ldquo;At the very least, interest payments should be made so that the policy loan does not effectively grow,&rdquo; Brown adds. That gives you a better shot of having money left to pay out after your death.</p>
<p><strong>When Life Insurance Loans Make Sense</strong></p>
<p>Here are some financial situations when a life insurance loan might be a sensible choice:</p>
<ul>
<li><strong>You can&rsquo;t qualify for a standard loan or need cash really, really fast.</strong> Because the money is already within the policy and immediately available, it's a quick source of immediate funds for a new furnace, medical bills or another emergency, with no credit check required. Even if you qualify for a traditional loan from a bank or credit union, a life insurance loan could be a valuable stopgap if you t don&rsquo;t have time to wait for your application to be processed. When the traditional loan comes through, immediately use it to repay the life insurance loan.</li>
<li><strong>You can&rsquo;t afford your policy&rsquo;s annual premium. </strong>Don&rsquo;t let a life insurance policy lapse because you can&rsquo;t afford the payment.&nbsp; A loan can keep the policy in effect as long as the death benefit is greater than the amount of the loan.</li>
<li><strong>Your only other loan options have much high interest rates.</strong> Before paying a higher interest rate for a loan or pledging additional collateral for a traditional loan, consider taking out a life insurance policy loan, says Bernstein. &ldquo;Since there are no loan terms such as repayment dates, renewal dates or other fees, compared to traditional loans, life insurance policy loans can be very competitive,&rdquo; he says.</li>
</ul>
<p><strong>The Bottom Line</strong></p>
<p>Choosing if and when a life insurance loan is right for you is subjective, Reich says. &ldquo;You have to look at which is more important; the immediate need for the cash or your family&rsquo;s need for the death benefit. Understand that any outstanding policy loans will be deducted from the death benefit, resulting in a smaller benefit for your family."</p>
<p>Before borrowing against your life insurance, it may be helpful to consult a financial advisor to weigh all possible options and outcomes based on your financial portfolio.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/articles/personal-finance/121914/understanding-life-insurance-loans.asp" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:be4c0156-20a6-4f9d-97e7-b848ea894293http://www.nwinsurance.com/blog/life-insurance-policies-how-payouts-work.aspxLife insurance Policies: How Payouts WorkLife insurance is a popular part of long-term financial planning. But to effectively incorporate this tool into your portfolio, you must understand how and when life insurance payouts are delivered to beneficiaries. This includes understanding how qu...Fri, 30 Sep 2016 17:59:00 -0500<p>Life insurance is a popular part of long-term financial planning. But to effectively incorporate this tool into your portfolio, you must understand how and when life insurance payouts are delivered to beneficiaries. This includes understanding how quickly benefits will be paid and designing the policy with the payout option that works best with your estate planning.</p>
<p><strong>When Benefits Are Paid</strong></p>
<p>Typically life insurance benefits are paid when the insured has died, and the beneficiary(ies) file a death claim with the insurance company, submitting a certified copy of the death certificate. Many states allow insurers 30 days to review the claim. Then they can pay it, deny it or ask for additional information.</p>
<p>Most insurance companies pay within 30 to 60 days of the date of the claim, says Chris Huntley, an insurance agent and director of marketing in San Diego, Calif.</p>
<p>&ldquo;There is no set time frame but insurance companies are motivated to pay as soon as possible, after receiving bona fide proof of death, to avoid steep interest charges for delaying payment of claims,&rdquo; adds Ted Bernstein, CEO, Life Insurance Concepts, Inc.</p>
<p><strong>What Could Delay Payouts</strong></p>
<p>Several situations can result in later payment of a claim. If the insured died within the first two years after the policy was issued, beneficiaries could face delays of six to 12 months. The reason: the two year contestability clause, says Huntley. &ldquo;Most policies contain this clause, which allows the carrier to investigate the original application to ensure fraud was not committed. As long as the insurance company cannot prove the insured lied on the application, the benefit will normally be paid,&rdquo; he says. Most policies also contain a suicide clause that allows the company to deny benefits if the insured commits suicide during the first two years of the policy.</p>
<p>Another scenario that could delay payment, not surprisingly, is when &ldquo;homicide&rdquo; is listed as the cause of death on the death certificate. In this case, a claims representative may communicate with the detective assigned to the case to rule out the beneficiary as a suspect.&ldquo;If the beneficiary is a suspect, the benefit will be held until charges are dropped or he/she is acquitted of the crime,&rdquo; says Huntley.</p>
<p><strong style="font-size: 10pt;">Filing a Claim</strong></p>
<p>The life insurance company should be contacted as soon as possible following the death of the insured to begin the claims process. The claims representative will request paperwork to process the claim.</p>
<p>The beneficiary of the insurance policy must obtain a certified copy of the death certificate. This can usually be obtained through the county in which the named insured dies. If the insured died in a hospital or nursing home, the institution may have completed the certificate, says Luke Brown, a retired insurance lawyer in Tallahassee, Fla.</p>
<p>&ldquo;The death certificate has to be submitted to the insurance company address listed in the policy along with a statement of claim, which is sometimes called a "request for benefits," signed by the beneficiary,&rdquo; says Brown.</p>
<p>Policies owned by revocable or irrevocable trusts must ensure that the insurance company has a copy of the trust document identifying the owner and the beneficiary, adds Bernstein.</p>
<p><strong>The Bottom Line</strong></p>
<p>Life insurance policies provide both policy holders and their loved ones peace of mind that financial difficulties may be avoided in the event of a person&rsquo;s death. To expedite the claims process, and avoid errors and delays, Reich stresses that accuracy is essential when submitting any documentation or communicating with the life insurance company. &ldquo;A person&rsquo;s life insurance agent can help make sure that the claim form is filled out correctly and help answer questions throughout the process,&rdquo; he says.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/articles/personal-finance/121914/life-insurance-policies-how-payouts-work.asp" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:f443b226-3a90-4828-a23b-eb6fe995f0c3http://www.nwinsurance.com/blog/what-are-some-examples-of-when-insurance-bundling-is-a-bad-idea.aspxWhat are some examples of when insurance bundling is a bad idea?Some insurance companies offer only one type of insurance, while others offer many different types. Insurance buyers often receive a discount if they buy all or many of their insurance policies from the same company. Bundling often presents value to ...Fri, 23 Sep 2016 17:59:00 -0500<p>Some insurance companies offer only one type of insurance, while others offer many different types. Insurance buyers often receive a discount if they buy all or many of their insurance policies from the same company. Bundling often presents value to policyholders, but there are times when it does not.</p>
<p>Life insurance policyholders, for example, tend to stay with one company for their entire lives. Switching life insurance companies can be difficult or impossible. Those with term life insurance have the option to switch at the end of each term. Life insurance holders should shop rates every time they renew term life insurance to ensure they are getting the best deal. Whole life insurance is generally held for life.</p>
<p>Bundling may not always be available. For example, a person who owns an exotic car requiring special insurance may have difficulty bundling his or her auto, home and life insurance. A company that offers the best home insurance rate may not offer any other types of insurance, and the cost savings could make not bundling worthwhile. Researching competitive quotes and examining the total cost with each combination of insurance provides the answer as to what the cheapest route is.</p>
<p>For many reasons, rates offered by insurance companies can change. A customer who bought a bundled package of home, auto and life insurance may get the best deal at one point in time. However, what was the best deal before may not always be the best deal now. It is wise to compare quotes for each insurance policy each time they are due to be renewed.</p>
<p>Different companies offer different types of coverage, and exactly what is covered by each company can vary dramatically. Some medical procedures and diseases are covered by some insurers, and some are not. Different home insurance policies offer varied levels of coverage as well. When comparing quotes, be sure to compare comparable policies. Sometimes it is not possible to get competing quotes on exactly the same coverage, and it is necessary to compromise either in price or in the level of coverage received.</p>
<p class="last-spacing">Some people like to spread different insurance payments over the course of a month. For those who get paid on a weekly basis, it might be difficult to pay a large insurance bill that covers medical, home, auto and life insurance all at once. Another drawback is that a missed payment has much larger consequences. Should a missed insurance payment occur, it may be better to miss a life insurance payment than an auto insurance payment. By having insurance spread over several policies, those who are on tight budgets may maintain more control of how many policies they miss payment on in a worst-case scenario.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/ask/answers/121514/what-are-some-examples-when-insurance-bundling-bad-idea.asp" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:d3c5961a-a505-469b-b038-aec9d8481a4dhttp://www.nwinsurance.com/blog/is-life-insurance-a-smart-investment.aspxIs Life Insurance A Smart Investment?When it comes to considering life insurance as an investment, you&rsquo;ve probably heard the adage, &ldquo;Buy term and invest the difference.&rdquo; This advice is based on the idea that term life insurance is the best choice for most individuals b...Fri, 16 Sep 2016 17:59:00 -0500<p>When it comes to considering life insurance as an investment, you&rsquo;ve probably heard the adage, &ldquo;Buy term and invest the difference.&rdquo; This advice is based on the idea that term life insurance is the best choice for most individuals because it is the least expensive type of life insurance and leaves money free for other investments. Permanent life insurance, the other major category of life insurance, allows policyholders to accumulate cash value, while term does not, but there are expensive management fees and agent commissions associated with permanent policies, and many financial advisers consider these charges a waste of money.</p>
<p>When you hear financial advisers and, more often, life insurance agents advocating for life insurance as an investment, they are referring to the cash-value component of permanent life insurance and the ways you can invest and borrow this money. When does it make sense to invest in life insurance in this way &ndash; and when are you better off buying term and investing the difference? Let&rsquo;s take a look at some of the most popular arguments in favor of investing in permanent life insurance and how other investment possibilities compare.</p>
<p><strong>Arguments in Favor of Using Permanent Life Insurance As an Investment</strong></p>
<p>There are many arguments in favor of using permanent life insurance. The issue is: These benefits aren&rsquo;t unique to permanent life insurance. You often can get them in other ways without paying the high management expenses and agent commissions that come with permanent life insurance. Let&rsquo;s examine a few of the most widely advocated benefits of permanent life insurance one by one.</p>
<p><strong>1. You get tax-deferred growth.</strong></p>
<p>This benefit of the cash-value component of a permanent life insurance policy means you don&rsquo;t pay taxes on any interest, dividends or capital gains in your life insurance policy until you withdraw the proceeds. You can get this same benefit, however, by putting your money in any number of retirement accounts, including traditional IRAs, 401(k)s, 403(b)s, SIMPLE IRAs, SEP IRAs and self-employed 401(k) plans.</p>
<p>If you&rsquo;re maxing out your contributions to these accounts year after year, permanent life insurance might have a place in your portfolio.</p>
<p><strong>2. You can keep your policy until age 100, as long as you pay the premiums. </strong></p>
<p>A key advertised benefit of permanent life insurance over term life insurance is that you don&rsquo;t lose your coverage after a set number of years. A term policy ends when you reach the end of your term, which for many policyholders is at age 65 or 70. But by the time you&rsquo;re 100, who will need your death benefit? Most likely, the people you originally took out a life insurance policy to protect, your spouse and children, are either self-sufficient or have also passed away.</p>
<p><strong>3. You can borrow against the cash value to buy a house or send your kids to college, without paying taxes or penalties.&nbsp;</strong></p>
<p>You can also use money you put in a savings account that you control &ndash; one on which you don&rsquo;t pay fees and commissions &ndash; to buy a house or send your kids to college. But what insurance agents really mean when they make this point is that if you put money in a tax-advantaged retirement plan like a 401(k) and want to take it out for a purpose other than retirement, you might have to pay a 10% early distribution penalty plus the income tax that&rsquo;s due. Further, some retirement plans, like 457(b)s, make it difficult or even impossible to take out money for one of these purposes.</p>
<p>That being said, it&rsquo;s generally a bad idea to jeopardize your retirement by raiding your retirement savings for some other purpose, penalties or not. It&rsquo;s also a bad idea to confuse life insurance with a savings account. What&rsquo;s more, when you borrow money from your permanent insurance policy, it will accrue interest until you repay it, and if you die before repaying the loan, your heirs will receive a smaller death benefit.</p>
<p><strong>4. Permanent life insurance can provide accelerated benefits if you become critically or terminally ill. </strong></p>
<p>You may be able to receive anywhere from 25% to 100% of your permanent life insurance policy&rsquo;s death benefit before you die if you develop a specified condition such as heart attack, stroke, invasive cancer or end-stage renal failure. The upside of accelerated benefits, as they&rsquo;re called, is that you can use them to pay your medical bills and possibly enjoy a better quality of life in your final months. The drawback is that your beneficiaries won&rsquo;t receive the full benefit you intended when you took out the policy. Also, your health insurance might already provide sufficient coverage for your medical bills.</p>
<p>In addition, some term policies offer this feature; it isn&rsquo;t unique to permanent life insurance. Some policies charge extra for accelerated benefits, too &ndash; as if permanent life insurance premiums weren&rsquo;t already high enough.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.investopedia.com/articles/active-trading/120814/life-insurance-smart-investment.asp" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:9713aaa2-342f-47c6-86ea-bf3fbb169315http://www.nwinsurance.com/blog/are-left-turns-a-deadly-maneuver.aspxAre left turns a deadly maneuver?For most of us, the act of driving is part of our daily routine; it feels like second nature. But safe driving requires our focus and attention. Left-hand turns top the list of the most challenging and dangerous driving maneuvers. In 2013, 31% of Arb...Fri, 09 Sep 2016 17:58:00 -0500<p>For most of us, the act of driving is part of our daily routine; it feels like second nature. But safe driving requires our focus and attention. Left-hand turns top the list of the most challenging and dangerous driving maneuvers. In 2013, 31% of Arbella Insurance Group&rsquo;s severe accidents&mdash;claims totaling at least $100,000 in bodily injury and property damage&mdash;involved a left-turning vehicle.</p>
<p>As those with the largest set of crash data, the insurance industry has a responsibility to better educate consumers on the risks of left turns and other dangerous driving moves. Municipalities should also work to build and restructure roads and intersections to lessen the risk for drivers. The U.S. Department of Transportation reports that nationwide, 53.1% of crossing-path crashes involve left turns. Additionally, a study by New York City transportation planners found that left turns were three times as likely to cause a deadly crash involving a pedestrian.</p>
<p>The reason left-hand turns are so dangerous is because the act itself disrupts the flow of traffic. Drivers must gauge the speed and distance of oncoming cars, cross the opposite lane, and watch for pedestrians or bicyclists&mdash;many of whom are becoming increasingly distracted themselves, largely due to cell phones. All driving, but particularly left turns, requires vigilance to other drivers&rsquo; movements in addition to just your own. The National Highway Traffic Safety Administration (NHTSA) reports that close to half of the 5.8 million car crashes in the U.S. are intersection-related and the majority of those are the result of making a left turn.</p>
<p>So what can we in the insurance industry do to help mitigate the risks associated with left turns? We must communicate the risks involved with left-hand turns and encourage our insureds to make the maneuver as safe and risk-free as possible. This can be done by sharing safety information through social media targeted at customers and independent agents. Content for these communications can include recommendations for using intersections controlled by left-turn arrows, jug handles or rotaries; paying close attention to distracted pedestrians; staying alert when combating the sun or oncoming headlight glare; and paying close attention to other vehicles&rsquo; speed and actions, rather than anticipating what they will be. Also consider communicating the benefits of eliminating left turns from daily driving routines&mdash;the average commuter may be surprised to know that research shows consecutive right turns are faster and more fuel-efficient. This can be especially impactful to commercial customers who are better able to regulate the routes and movements of their drivers.</p>
<p>Could the future of driving be free of left turns? Perhaps, but it&rsquo;s unlikely. Thankfully, vehicle-to-vehicle communication technology (V2V)&mdash;the dynamic wireless exchange of data between nearby cars&mdash;has reportedly advanced to such a degree that the NHTSA could start requiring it in all new vehicles as soon as 2020. Having this technology on the road could prevent as many as 592,000 left-turn and intersection crashes a year, saving 1,083 lives. But until these vehicles are the majority on the highway, left turns will continue to pose serious risks to drivers, and we need to continue to mitigate those risks through increased communication and improved engineering on all roads across the United States.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.propertycasualty360.com/2014/11/20/are-left-turns-a-deadly-maneuver" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:715fede4-b858-41f7-8d5d-fbcd7d52516ahttp://www.nwinsurance.com/blog/more-wacky-claims-stories-from-industry-veterans.aspxMore wacky claims stories from industry veteransThe case of the tenacious terrorist Claims consultant Chris Tidball has worked for P&amp;C carriers for more than 20 years, in roles ranging from claims adjusting to management. He has enough crazy claims stories to fill a&nbsp; book--which, in fact,...Thu, 01 Sep 2016 17:57:00 -0500<p><strong>The case of the tenacious terrorist</strong></p>
<p>Claims consultant Chris Tidball has worked for P&amp;C carriers for more than 20 years, in roles ranging from claims adjusting to management. He has enough crazy claims stories to fill a&nbsp; book--which, in fact, he's literally working on right now.</p>
<p>"Ibrahim Mohammed was a downright scary claimant," Chris recalls. Mohammed hailed from an area&nbsp;that was notorious for insurance fraud, where rumor had it that a lot of the fraud&nbsp;money was used to fund domestic and international terror cells.</p>
<p>Mohammed&nbsp;reported a stolen exotic car with&nbsp;expensive custom rims, that he had coincidentally purchased a rider for just a few days before the theft.&nbsp;The car was ultimately found, totally stripped.&nbsp;During&nbsp;investigation, the insurer tracked&nbsp;down the rims in the garage of a known associate of Mohammed's.&nbsp;</p>
<p>"When we denied the claim, he threatened to bomb our claims office," Chris recalls. "We hired a security detail that stayed onsite 24/7 for about two months.&nbsp;I&rsquo;ve had some scary situations, and this ranks right up at the top."</p>
<p><strong>The case of the persistent physician</strong>&nbsp;</p>
<p>"Dr. Katz"&nbsp;presented a claim for flood damage to his $200,000&nbsp;Ferrari, claiming&nbsp;a tidal surge had reached the rocker panels and the car was totaled, Chris recalls. The insurer argued repair only and questioned the legitimacy of the claim, as there was no evidence of saltwater corrosion.&nbsp;</p>
<p>Dr. Katz took the claim all the way to the CEO of the company "and proved&nbsp;that the squeaky wheel always gets greased first; we totaled the car, but also got a six-figure salvage bid," Chris says.</p>
<p><strong>The case of the menacing monkey</strong></p>
<p>In another Tidball tale, Chris recalls a shady&nbsp;body shop in Brooklyn that the insurer suspected of being behind some air bag thefts.&nbsp;</p>
<p>"When I confronted the shop manager, he sicced his monkey on me," he says. "He had an actual pet monkey that was really mean and very aggressive."</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.propertycasualty360.com/2014/09/03/theyre-still-trying-what-7-more-wacky-claims-stori?t=coverage-policy-issues&amp;page_all=1" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:4de31dfe-0430-4438-afbc-1ba172dfb0c6http://www.nwinsurance.com/blog/youll-never-believe-these-3-crazy-claims-stories.aspxYou'll Never Believe These 3 Crazy Claims StoriesLike emergency room doctors, cops and priests in the confessional booth, insurance people are being asked to clean up the messes that people make--and worse, they&rsquo;re expected to pay for them. It&rsquo;s little wonder that veteran insurance peop...Fri, 19 Aug 2016 11:07:00 -0500<p>Like emergency room doctors, cops and priests in the confessional booth, insurance people are being asked to clean up the messes that people make--and worse, they&rsquo;re expected to pay for them.</p>
<p>It&rsquo;s little wonder that veteran insurance people can get a bit jaded. When it comes to claims--and human nature--they have seen everything.</p>
<p>We spoke with several long-time insurance professionals about the weirdest claims they&rsquo;ve come across in their careers. Here are some of the strangest.</p>
<p><em>(Got a crazy claim story? Contact us!)</em></p>
<p><strong>1. The case of the vanishing gold bars</strong></p>
<p>Claims consultant Chris Tidball has worked for P&amp;C carriers for more than 20 years, in roles ranging from claims adjusting to management. The client whom he recalls as the &ldquo;biggest nut&rdquo; was Walter A., who presented a claim for a stolen van that was carrying $500,000 in gold bars, which, of course, he wanted covered as well. &ldquo;Imagine our shock when the van turned up burned to a crisp and all the gold was missing.&rdquo; Walter would personally come to the office every morning at 8 a.m. to demand his check&mdash;a ritual that continued for around 90 days. &ldquo;He would come in and get belligerent, then would feign having a heart attack, asking us to help him find his nitro pills.&nbsp;He was truly certifiable.&rdquo;</p>
<p><strong>2. The case of the gypsy curse</strong></p>
<p>Another Tidball tale involves a gypsy who roamed around Southern California.&nbsp;This gypsy had a van that he reported stolen that, like Walter&rsquo;s, contained lots of valuable &ldquo;stuff,&rdquo; which the gypsy could somehow never describe beyond saying it was important. When Tidball told him he had to deny the claim (which was &ldquo;complete and utter B.S.&rdquo;) the case went to trial.&nbsp;During an examination under oath, the gypsy pointed a magician&rsquo;s wand at Tidball and started speaking a strange language in an attempt to cast a curse on the insurance man.</p>
<p><strong>3. The case of the cruising cat ladies</strong></p>
<p>Steve Schroeder, vice president of NFP, has been in the property-casualty business for almost 25 years, on both the broker and carrier side. One of his most memorable claims cases involved a trucking company client that had a claim filed against a driver. The claimant alleged the truck hit a station wagon and injured the driver and her passenger. The truck driver insisted that it wasn&rsquo;t his fault; the vehicle had appeared out of nowhere. Investigating state police and SIU personnel found no truck skid marks, but several dead cats on the highway at the accident site. It turned out the women, whose station wagon had been loaded with cats, had been literally driving in circles in the rural area &ndash; first in the southbound lane, then crossing the embankment and heading north. When the truck driver T-boned the station wagon, several cats flew out the vehicle&rsquo;s windows and were killed. The claim was pulled.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.propertycasualty360.com/2014/08/13/they-tried-what-youll-never-believe-these-5-nutty?page_all=1">Source</a></p>urn:uuid:e13716b6-5778-4505-9c46-41f588dca5edhttp://www.nwinsurance.com/blog/insureds-rarely-have-home-inventories-despite-benefits.aspxInsureds Rarely Have Home Inventories Despite BenefitsDespite big storms and wildfires highlighting the need, home inventories are rare, say insurance industry experts. A recent Allstate Insurance survey of Atlanta homeowners found that while than more than 90 percent of homeowners are concerned about p...Fri, 12 Aug 2016 15:00:00 -0500<p>Despite big storms and wildfires highlighting the need, home inventories are rare, say insurance industry experts.</p>
<p>A recent Allstate Insurance survey of Atlanta homeowners found that while than more than 90 percent of homeowners are concerned about protecting their homes, only 41 percent had ever documented or valued their contents.</p>
<p>According to Jay Straughan, Enservio&rsquo;s vice president of claims, almost none of the insureds he encounters have property inventory lists.</p>
<p>&ldquo;It&rsquo;s very, very rare. In fact, I&rsquo;m not aware of a claim where a policyholder was able to say, &lsquo;Here&rsquo;s my pre-loss list, and I&rsquo;ve checked off the items that were burned up in the fire or that were stolen.&rsquo; I&rsquo;m not aware of a single time where that&rsquo;s happened,&rdquo; Straughan said.</p>
<p>In addition to making it harder to tackle a loss once it has taken place, not having a property inventory can cause a delay in claim resolution.</p>
<p>According to a survey by The Hanover Insurance Group, homeowners receive claim payments faster when they have a home inventory. An&nbsp;<em style="margin: 0px; padding: 0px; border: 0px none; background: transparent none repeat scroll 0% 0%;">Insurance Journal</em>&nbsp;magazine poll, sponsored by the Mass.-based insurer, found that nearly 80 percent of insurance professionals believe homeowners&rsquo; insurance claims are processed 50-100 percent faster when customers have completed a home inventory in advance.</p>
<p>&ldquo;This survey says loud and clear that there&rsquo;s a real value in taking the upfront time to create a home inventory,&rdquo; said Mark Welzenbach, chief claims officer at The Hanover.</p>
<p>Survey respondents said there were two keys to a good home inventory: item descriptions and proof of ownership.</p>
<p>Even when an insured creates a property inventory, the value-driving descriptors are lacking, Straughan said.</p>
<p>&ldquo;For example, they may say table, or they may say chair or they may say desk. For a high net worth insured, a desk could be $150 or it could be $150,000, depending on what kind of desk it is,&rdquo; said Straughan. &ldquo;Is it a museum quality antique, or is it a small school sized desk like a child might use in classroom or is it a roll top desk.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.insurancejournal.com/news/national/2014/08/18/337870.htm">Source</a></p>urn:uuid:7621f85a-6400-4d0c-8eb1-7de70512f565http://www.nwinsurance.com/blog/get-to-know-what-commercial-insurance-is-out-there.aspxGet to Know What Commercial Insurance is Out ThereEvery commercial operation needs business insurance. The specific blend of coverage types you need for your business depends on many factors, such as whether your employees handle money, dangerous substances, sensitive data or expensive merchandise. ...Fri, 05 Aug 2016 10:47:00 -0500<p>Every commercial operation needs business insurance. The specific blend of coverage types you need for your business depends on many factors, such as whether your employees handle money, dangerous substances, sensitive data or expensive merchandise.</p>
<p>Your agent will be able to recommend a package combining the coverage types you need, tailored to your risk management concerns.</p>
<p>For example, you may need some combination of the following types of commercial coverage:</p>
<ul>
<li>General liability, contractor&rsquo;s liability, or professional liability (errors and omissions)</li>
<li>Directors&rsquo; and officers&rsquo; liability</li>
<li>Malpractice insurance</li>
<li>Commercial property insurance</li>
<li>Commercial vehicle or commercial truck insurance</li>
<li>Contractors and builder&rsquo;s risk coverage</li>
<li>Inland marine coverage</li>
<li>Business interruption insurance</li>
<li>Landlord insurance</li>
<li>Commercial tenants insurance</li>
<li>Crime coverage or fidelity insurance</li>
<li>Cyber-crime insurance</li>
<li>Workers compensation</li>
<li>Construction bonds</li>
</ul>
While you certainly do not need all of these coverage types to safely run your business, it&rsquo;s nice to know that you have a variety of ways to manage the specific risks your company faces.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="https://www.trustedchoice.com/business-insurance/">Source</a></p>urn:uuid:b2e91293-0b49-4f1c-b5c9-424714951354http://www.nwinsurance.com/blog/insects-spiders-and-mites-a-workplace-hazard.aspxInsects, Spiders and Mites: A Workplace HazardConstruction workers, farmers and landscape workers take note: insect-related deaths are most likely in your line of work. As reported by The Wall Street Journal&rsquo;s The Numbers blog, a new report from the Bureau of Labor Statistics (BLS) finds t...Fri, 29 Jul 2016 14:00:00 -0500<p>Construction workers, farmers and landscape workers take note: insect-related deaths are most likely in your line of work.</p>
<p>As reported by <em>The Wall Street Journal&rsquo;s</em> <em>The Numbers blog</em>, a new report from the Bureau of Labor Statistics (BLS) finds that insects, arachnids, and mites were involved in 83 fatal occupational injuries from 2003 to 2010.</p>
<p>During the course of the eight-year period, farmers and farm workers (20 fatalities), construction occupations (19 fatalities) and landscaping workers (17 fatalities) accounted for two-thirds of the deaths.</p>
<p>Bees were responsible for 52 workplace deaths &ndash; more than spiders, wasps and ants combined (25), <em>The Numbers blog</em> reports.</p>
<p>Most of the deaths (72 of the 83 total) were directly caused by an insect, including cases in which the worker was bitten or stung.</p>
<p>Another 11 deaths were indirectly caused by insects. These include cases where an insect distracted the worker while driving or caused the worker to fall from a height.</p>
<p>Anaphylactic shock, often associated with insect-related injuries, occurred in close to half the deaths, the BLS said.</p>
<p>By state, Texas saw the greatest number (21) of insect-related workplace deaths during the 8-year period, followed by Florida (8).</p>
<p>However, when it comes to non-fatal insect-related workplace injuries and illnesses with days away from work, four states: California, Florida, New York and Texas had more than 250 cases reported in all three years between 2008 and 2010.</p>
<p>As a percentage of all days-away-from-work cases in those large population states, though, insect-related cases were less than 1 percent of the total cases in any year.</p>
<p>Not surprisingly, these incidents tended to occur in the warmer months. Almost 94 percent of the cases occurred between April 1 and October 31. The largest number of deaths (17) occurred in September.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.iii.org/insuranceindustryblog/?p=3748">Source</a></p>urn:uuid:d374841a-fda7-4f02-b095-6c1b75aa959ehttp://www.nwinsurance.com/blog/good-credits-saves-homeowners-on-insurance.aspxGood Credits Saves Homeowners On InsuranceIt's no secret; having a good credit score has many benefits. It can help you get approved for loan and get lower interest rates, but there's even more. News 13's Jeff Platt shows us an unexpected way good credit can save you big money. Homeowners an...Fri, 22 Jul 2016 13:00:00 -0500<p>It's no secret; having a good credit score has many benefits. It can help you get approved for loan and get lower interest rates, but there's even more. News 13's Jeff Platt shows us an unexpected way good credit can save you big money.</p>
<p>Homeowners and homebuyers alike have a lot to worry about; making mortgage payments, keeping the house clean and the yard trimmed, and on top of that they need to buy insurance.</p>
<p>Cheryl Gillum, direct at the Wyoming Community Development Authority said, "All of WCDA's loans require that a homebuyer have homeowners insurance and that's part of their house payment."</p>
<p>For those financing homes the cost of an insurance policy could be high, but if all of their other accounts are squared away... It's the policy buyer who gets the break.</p>
<p>Des Bennion, The Bon Insurance Agency said, "Insurance companies can't really go against you for bad credit, but we can give discounts for good credit."</p>
<p>Good credit shows companies a person can be trusted with financial obligations, but building a solid credit score can take quite some time. So the sooner you start using a credit card, the less you'll have to pay to protect a house and the reward for having a high credit score isn't just a few bucks.</p>
<p>Bennion said, "They can be extremely enormous. Probably the biggest one that I've seen was a difference of about 600 dollars on an annual premium."</p>
<p>On the other side of the coin having poor credit doesn't only result in higher premiums; the cost can be even greater.</p>
<p>Bennion said, "Sometimes even worse than that we've had a few clients sadly that the home policy cancels and then there's a loss."</p>
<p>Bottom line when you pay your bills on time you come out smelling like roses.</p>
<p>Although Bennion emphasizes the importance of building credit early in life. He also says it's important to never use a credit card to buy anything you can't afford.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.kcwy13.com/home/headlines/Good-Credits-Saves-Homeowners-On-Insurance-274681941.html">Source</a></p>urn:uuid:c82f4fd8-6f94-459d-ac56-bc6fe7f4b725http://www.nwinsurance.com/blog/how-to-assess-your-home-insurance-policy.aspxHow to Assess Your Home Insurance PolicyHome insurance plans tend to get ignored until they&rsquo;re needed, and that can be a costly mistake for homeowners. &ldquo;Most homes in the U.S. are underinsured, and it gets worse if you&rsquo;ve renovated or upgraded your home,&rdquo; says Mary ...Fri, 15 Jul 2016 10:43:00 -0500<p>Home insurance plans tend to get ignored until they&rsquo;re needed, and that can be a costly mistake for homeowners.</p>
<p>&ldquo;Most homes in the U.S. are underinsured, and it gets worse if you&rsquo;ve renovated or upgraded your home,&rdquo; says Mary Boyd, division president at ACE Private Risk Services.</p>
<p>Home insurance will help protect your finances in the wake of a natural catastrophe, accident or unexpected event that damages or destroys your home. Being properly insured and knowing the value of the home and your possessions<span style="text-decoration: underline;">&nbsp;</span>can provide some peace of mind during a stressful period.</p>
<p>&ldquo;People will insure for what they think their outstanding mortgage amount versus what their home costs. They need enough insurance to rebuild in case there&rsquo;s a fire or a flood,&rdquo; says Boyd.</p>
<p>Experts suggest reviewing your policy annually, as well as after major life events like getting married, starting a family, buying a second home or entering retirement. Most insurance providers send an annual renewal packet with a declaration page outlining your coverages to make the review process easier.</p>
<p>Most homeowner&rsquo;s policies cover the house itself (the structure), the contents inside, and liability if you get sued because someone had an injury in your house.</p>
<p>&ldquo;When you think of those three coverages, you want to make sure that you&rsquo;d be put back in the same position if you suffered a loss,&rdquo; says Kevin Noles, product manager at USAA. &ldquo;If you had to rebuild your house because of a fire or otherwise, you want to make sure you have full replacement cost coverage for your house.&rdquo;</p>
<p>You should also feel comfortable with the cost of your plan and its coverage. &ldquo;Your insurance company can explain what coverage you have and that you have the right balance between a high enough deductible to save you money and low enough that you&rsquo;ve the money to pay your deductible,&rdquo; Noles says. Also be sure you&rsquo;re getting all available discounts for having alarms, not submitting any claims and buying other insurance products from the same carrier.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.foxbusiness.com/personal-finance/2014/08/15/how-to-assess-your-home-insurance-policy/">Source</a></p>urn:uuid:0174b0fc-d2e8-401a-863f-3f3a602ca634http://www.nwinsurance.com/blog/3-things-dog-owners-need-to-know-about-homeowners-insurance.aspx3 Things Dog Owners Need to Know About Homeowners InsuranceUp to 47% of American households have a dog, and for insurance companies, these households represent a risk. In 2013, homeowners insurance policies paid out some $483 million in dog bite liability claims. Obviously, insurance companies would rather n...Fri, 08 Jul 2016 10:42:00 -0500<p>Up to 47% of American households have a dog, and for insurance companies, these households represent a risk. In 2013, homeowners insurance policies paid out some $483 million in dog bite liability claims.</p>
<p>Obviously, insurance companies would rather not be shelling out hundreds of millions of dollars over dog bites. But what are they doing to cut costs and how does this affect dog owners?</p>
<p>Homeowners insurance&nbsp;protects homeowners from liability claims. In the case of dog owners, this means your policy could cover the costs if your furry friend harms someone.</p>
<p>&ldquo;As much as we love our pets, dogs are unpredictable and can act aggressively with seemingly no warning and despite the fact that they have been our family pets for years,&rdquo; says Linley Jones, president of the Georgia Trial Lawyers Association and founding partner of the Linley Jones Firm in&nbsp;Atlanta.</p>
<h3>How big is the problem?</h3>
<p>Every year, dogs bite about 4.5 million people in the United States, and 885,000 of those people require medical attention. About half are children.</p>
<p>&ldquo;Dog bite claims are a huge source of liability claims against homeowners, if not the No. 1 source of claims,&rdquo; says Dr. William Warfel, professor of insurance and risk management at Indiana University&rsquo;s Scott College of Business.</p>
<p>In 2013, these claims accounted for one-third of all paid homeowners insurance liability claims dollars, according to the Insurance Information Institute.</p>
<p>The costs associated with a dog bite can be extensive&mdash;potentially encompassing emergency room treatment, reconstructive surgery and even emotional therapy. In 2013, the average cost per claim was $27,862. That number has risen considerably over the last 10 years, from $19,162 in 2003.</p>
<h3>Do you own a restricted breed?</h3>
<p>Insurance companies mitigate their risks in two ways: by raising costs for those who pose the biggest risk, or by denying coverage altogether. This has largely meant enacting&nbsp;breed-specific policies&nbsp;targeting certain dog breeds that insurance companies believe are implicated in more than their share of dog bite claims. For owners of these breeds, such as pit bulls, Rottweilers and Dobermans, insurance can be costly or difficult to obtain.</p>
<p>Understandably, many pet owners and advocacy groups believe these policies unfairly discriminate against responsible pet owners and their well-trained dogs. For them, insurance companies should be more focused on preventing dog bites from all dogs rather than just those designated, perhaps erroneously, as more dangerous.</p>
<p>Laura Hagen, deputy director of advocacy for the Massachusetts Society for the Prevention of Cruelty to Animals, says, &ldquo;The MSPCA&rsquo;s adoption centers see directly the impacts of insurance company policies targeting specific breeds of dogs, either because dogs are surrendered when a homeowner cannot secure a policy or when adopters do not consider those breeds prohibited by their insurance company.&rdquo;</p>
<p>Not all insurance companies discriminate against entire breeds. Some judge pets on a case-by-case basis, looking at the animal&rsquo;s history and proclivity to aggressive behavior.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.nerdwallet.com/blog/insurance/2014/09/11/dog-owners-homeowners-insurance/">Source</a></p>urn:uuid:12732ce6-d988-4fd8-94e6-991a897d520bhttp://www.nwinsurance.com/blog/safety-on-the-4th-of-july.aspxSafety on the 4th of July<img src='https://brightnest-assets.s3.amazonaws.com/blog/uploads/2012/06/BrightNest_July4th_FireSafety_Infographic.jpg' align='left' />With 4th of July coming up, you&rsquo;re probably starting to daydream about things like BBQs, fireworks and frosty beers. Topics like burns and fire safety might not be top of mind, but they deserve some attention, too. There are typically more fire...Fri, 01 Jul 2016 16:16:01 -0500With 4th of July coming up, you&rsquo;re probably starting to daydream about things like BBQs, fireworks and frosty beers. Topics like burns and fire safety might not be top of mind, but they deserve some attention, too. There are typically more fires reported on July 4th than any other day of the year. Plus, thousands of BBQ-attendees are sent to the emergency room each year due to holiday-related injuries. Don&rsquo;t skip the party! Just be aware of these July 4th safety tips as you celebrate.
<p style="text-align: center;">
<img alt="" width="524" title="Fire Safety On The 4th Infographic" src="https://brightnest-assets.s3.amazonaws.com/blog/uploads/2012/06/BrightNest_July4th_FireSafety_Infographic.jpg" />
</p>
<p style="text-align: right; font-style: italic; font-size: 0.8em;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="https://brightnest.com/posts/infographic-fire-safety-on-the-4th-of-july">Source</a></p>urn:uuid:220d2b5a-22b9-482d-af5b-8a4c4b9be800http://www.nwinsurance.com/blog/mistakes-to-avoid-when-shopping-for-long-term-care-insurance.aspxMistakes to Avoid When Shopping for Long-Term-Care InsuranceIt's a decision many baby boomers are grappling with: Should I buy long-term-care insurance? The decision has never been more difficult. According to researchers at Georgetown University and Pennsylvania State University, about 70% of individuals 65 ...Fri, 24 Jun 2016 14:45:00 -0500<p>It's a decision many baby boomers are grappling with: Should I buy long-term-care insurance?</p>
<p>The decision has never been more difficult. According to researchers at Georgetown University and Pennsylvania State University, about 70% of individuals 65 and older will need long-term care&mdash;whether at home or in an assisted-living facility or nursing home.</p>
<p>At the same time, however, the price of long-term-care insurance keeps going up. A 55-year-old couple, for example, can expect to spend about $3,275 in annual premiums for $164,000 of coverage for each that grows by 3% a year, according to the American Association for Long-Term Care Insurance, a trade group for insurance agents.</p>
<p>For some people, of course, long-term-care policies make no sense. Medicaid is there to help people who have little money. (Medicare doesn't typically cover continuing care.) People with assets of $2 million or more, meanwhile, can probably afford to pay for long-term care out of pocket, although a policy may still make sense to ensure they have money to leave to their heirs.</p>
<p>But for people who fall between those two extremes, the decision whether to buy long-term-care insurance is a tricky one, especially since the policies are complicated and the business is in a state of flux, with carriers raising prices and exiting the business. "The industry is changing so rapidly," says Howard Gleckman, a resident fellow at the Urban Institute, "it's hard to keep up."</p>
<p>Here are six mistakes consumers commonly make when purchasing long-term-care insurance, and advice on how to avoid these pitfalls.</p>
<h2>1. WAITING TOO LONG TO BUY</h2>
<p>Many people don't even start&nbsp;<em>thinking</em>&nbsp;about long-term-care insurance until they reach 60. And by that time, it may be too late&mdash;either because the insurance is too costly or they simply can't qualify for health reasons.</p>
<p>As a result, for most people, the 50s are the best time to buy a policy. That's typically when premiums are most affordable and coverage is easiest to obtain, says Mr. Gleckman.</p>
<p>For each year applicants in their 50s delay buying coverage, carriers typically raise premiums by 3% to 4%, simply because they are a year older, says Dawn Helwig, a principal and consulting actuary at Seattle-based Milliman Inc. In contrast, for every year someone in their 60s waits, they can expect to pay an additional 6% or more, she adds.</p>
<p>Those who wait may pay higher premiums for other reasons, too. Over the past decade, carriers struggling with losses on existing policies have raised the premiums on new policies an average of 4% to 8% a year, depending on the features, according to Milliman.</p>
<p>Consider a 65-year-old man who purchases $110,000 of coverage with benefits that grow 5% a year. To secure the same coverage 10 years earlier, at age 55, he would have paid approximately $1,032 in annual premiums, says Ms. Helwig. But because he waited, his annual premium is now about $2,770. Assuming he lives to age 85, he will pay a total of about $55,400 in premiums&mdash;or some $24,400 more than he would have spent had he bought at age 55 and lived 30 years.</p>
<p>Those who wait also run the risk that their health may deteriorate. Carriers, which have become stricter about how they underwrite policies, reject about 25% of applicants between ages 60 and 69, according to the American Association for Long-Term Care Insurance. They also charge those in relatively poor health as much as 40% more, says Ms. Helwig.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://online.wsj.com/news/articles/SB10001424052702304756104579449482245063704" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:30601b1d-5516-40d9-8377-37c50f875c1fhttp://www.nwinsurance.com/blog/does-health-insurance-increase-your-lifespan.aspxDoes health insurance increase your lifespan?The mortality rate in Massachusetts declined substantially in the four years after the state enacted a law in 2006 mandating universal health care coverage, providing the model for the Affordable Care Act. In a&nbsp;study&nbsp;released last week, Har...Fri, 17 Jun 2016 14:45:00 -0500<p>The mortality rate in Massachusetts declined substantially in the four years after the state enacted a law in 2006 mandating universal health care coverage, providing the model for the Affordable Care Act.</p>
<p>In a&nbsp;<span style="color: #1990e5;">study&nbsp;</span>released last week, Harvard School of Public Health professors Benjamin Sommers, Sharon Long and Katherine Baicker conclude that "health reform in Massachusetts was associated with a significant decrease in all-cause mortality."</p>
<p>The authors caution that their conclusions, published in Annals of Internal Medicine, may not apply to all states, and other studies have shown little correlation between having insurance and living longer. Nevertheless, the Harvard study adds to a growing body of evidence that having health insurance increases a person's life expectancy.</p>
<p>Mortality rates &ndash; in this case, the number of deaths per 100,000 adults between the ages of 20 and 64 that occur in a given year &ndash; vary widely among states. Mississippi, Alabama, West Virginia, Oklahoma, Kentucky and Louisiana have the highest age-adjusted rates (which recognize that some states have older or younger populations). Hawaii, California, Connecticut, Minnesota, New York and Massachusetts have the lowest mortality rates, according to 2010 data (the most recent available) from the U.S. Centers for Disease Control and Prevention (CDC).</p>
<p>Uninsured rates also vary widely. Between 2011 and 2012 Massachusetts had the lowest uninsured rate in the nation at 4 percent of its population, compared to a national average of 15 percent, according to a Kaiser Family Foundation analysis of U.S. Census data. Texas had the highest rate at 25 percent, followed by Nevada (24 percent) and New Mexico and Florida (both 22 percent).</p>
<p>Massachusetts is also among the most affluent states in the nation, and it has one of the highest average education levels and ratios of physicians to residents, all of which lower mortality rates. Many other factors also affect the death rate of a state or regional population, including the prevalence of chronic diseases, obesity, climate and environmental hazards, smoking and drug and alcohol abuse, gun violence and occupational safety.</p>
<p>"It is difficult to compare one state to another when it comes to mortality rates," said Alison Cuellar, a health economist at George Mason University. "All the evidence points in the direction of health insurance increasing longevity," she said. "We just don't know the magnitude of the effect."</p>
<p>In 2002, the Institute of Medicine estimated that the death rate of the uninsured is 25 percent higher than for otherwise similar people who have health insurance. According to the study, 18,000 excess deaths occurred each year because 40 million Americans lacked insurance.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.usatoday.com/story/news/nation/2014/05/12/stateline-health-insurance-death-rates/8999769/" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:42136036-c2a7-443b-9081-74c3ca56439dhttp://www.nwinsurance.com/blog/5-things-to-know-on-childrens-life-insurance.aspx5 things to know on children's life insurancePolicies for children represent a small fraction of the life insurance market, but they made the news this week after a court hearing for a Georgia man accused of killing his young son by leaving him in a hot car. Testimony and court documents reveal...Fri, 10 Jun 2016 14:44:00 -0500<p>Policies for children represent a small fraction of the life insurance market, but they made the news this week after a court hearing for a Georgia man accused of killing his young son by leaving him in a hot car.</p>
<p>Testimony and court documents revealed that Justin Ross Harris and his wife had two life insurance policies for 22-month-old Cooper Harris, one for $2,000 and one for $25,000.</p>
<p>Prosecutors have portrayed the 33-year-old Harris as an unhappy husband who was exchanging nude photos with several women. Defense attorneys say the death was a tragic accident. Harris remains in jail charged with murder and child cruelty.</p>
<p>The insurance policies were mentioned among numerous details from the evidence against Harris and weren't singled out by prosecutors in their arguments.</p>
<p>Still, the case has drawn attention to policies that families sometimes purchase for children. Here are five things to know about the children's life insurance market.</p>
<p>&mdash; HOW DO THE POLICIES FOR CHILDREN WORK? The policies are typically purchased by parents, grandparents or anyone directly related to the child, according to Steve Weisbart, chief economist for the Insurance Information Institute.</p>
<p>Premiums paid into the policies vary according to the terms. Generally, the higher the death benefit &mdash; what's paid out to beneficiaries if the insured person dies &mdash; the greater the premium. Insurers require that anyone buying the policy have an "insurable interest" in the person covered, meaning the buyer wants the person covered to actually live.</p>
<p>&mdash; INSURERS ATTACH CONDITIONS TO THE DEATH BENEFIT. Insurers require documentation of how a covered individual dies, and the policies will not pay out if the beneficiary is convicted of murdering the person covered.</p>
<p>&mdash; POLICIES CAN BE SAVINGS DEVICES. Life insurance policies typically have a cash value while the covered person is still living, with the amount based on premiums that have been paid over time. Often, a parent or grandparent buys a policy with the intention of giving the child the option later in life of using the policy as a cash source.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.usatoday.com/story/money/personalfinance/2014/07/06/5-things-to-know-on-childrens-life-insurance/12251555/" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:b26082e0-f4aa-4305-9f3f-8aed63ab52c6http://www.nwinsurance.com/blog/plan-ahead-insurance-gaps-to-avoid-over-the-years.aspxPlan ahead: Insurance gaps to avoid over the yearsAs you age, your insurance needs change. While in your younger years you worry about protecting your property and income, protecting your assets becomes a higher priority later in life. "Changes in your life can mean big changes in your insurance nee...Fri, 03 Jun 2016 14:44:00 -0500<p>As you age, your insurance needs change. While in your younger years you worry about protecting your property and income, protecting your assets becomes a higher priority later in life.</p>
<p>"Changes in your life can mean big changes in your insurance needs. A change in marital status, the birth of a child or a purchase of a home can all trigger a gap in your coverage. That's why (you should revisit) your policy at least once a year, or whenever you experience a big life change." says Jeff Reinig, head of personal lines underwriting from Farmers Insurance in Los Angeles.</p>
<p>Here, experts recommend the insurance needs to consider &ndash; and the gaps to avoid &ndash; as you move through different stages of life.</p>
<p><span>In your 20s and 30s</span></p>
<p>Experts say now is the time to set yourself up for the future.</p>
<p>Start by protecting your valuables, even if they are few to speak of at this point. Homeowners, condo or rental property insurance will cover the cost of replacing or fixing your belongings, and you should also protect unique and valuable assets, like that diamond engagement ring, for instance, with a floater on your policy.</p>
<p>Married or have children? Then you definitely need some form of life insurance. Consider term life insurance, a more affordable option at this stage. Term policies cover you for a specific length of time and pay only a death benefit. And plan to purchase group life insurance through your employer if it's offered. Another factor to consider when purchasing life insurance is your debt. More debt equals a higher need for life insurance.</p>
<p>Carpool? You should consider the liability impact of a car accident, especially if you're carpooling to work or driving your kids &ndash; and their friends &ndash; to practices. Ideally, your liability insurance will cover your assets in the event of a lawsuit due to a car crash.</p>
<p><span>In your 40s</span></p>
<p>The key here is your health and how it has changed or will change.</p>
<p>"You really do have to take a hard look at how much coverage &hellip; you want to lock in for the long term, because your health can start to go downhill and you want to make sure you don't paint yourself in a corner," says Cal Brown, market manager for Savant Capital Wealth Management in McLean, Va.</p>
<p>Remember, the less healthy you are, the more it costs to buy life insurance, and in some cases, you won't be able to purchase it at all.</p>
<p>Your income might grow, but so will your family's dependence on that income. You'll likely acquire more assets as well, so evaluate your life insurance and home insurance to make sure it's adequate. You &ndash; or your family &ndash; don't want to uncover a gap in coverage in case an unexpected accident occurs.</p>
<p>Keep in mind, your children also present an increasing risk as they start driving, going to unsupervised parties and doing other things that raise your risk. You will need to add your driving teens to your auto insurance policy, and experts recommend increasing your liability coverage to cover the potential cost of damages or injuries your kids might cause during this time.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.usatoday.com/story/sponsor-story/farmers/2014/09/09/farmers-insurance-gaps-to-avoid-over-the-years/15287521/" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:f6968b5d-052f-47b8-a255-bff011355adchttp://www.nwinsurance.com/blog/do-retirees-need-long-term-care-insurance.aspxDo retirees need long-term care insurance?Health care costs are a big concern for people going into retirement, but the costs of long-term care can still be a shock. Here are a few facts: &bull; 70% of people over 65 will need some form of long-term care at some point. &bull; For married cou...Fri, 27 May 2016 14:43:00 -0500<p>Health care costs are a big concern for people going into retirement, but the costs of long-term care can still be a shock.</p>
<p>Here are a few facts:</p>
<p>&bull; 70% of people over 65 will need some form of long-term care at some point.</p>
<p>&bull; For married couples, the chance that one spouse will need long-term care rises to 91%.</p>
<p>&bull; People living alone are more likely to need some sort of home health care.</p>
<p>&bull; Women outlive men, and thus, are more likely to live alone and need some sort of home health care.</p>
<p>So, while some financial planners previously were on the fence about long-term care insurance, they were still encouraging people to at least have a plan for long-term care.</p>
<p>"For Baby Boomers, long-term care insurance is a must," says Manhattan attorney Ann-Margaret Carrozza. "We can no longer rely upon Medicaid to cover custodial type care. We see over the course of the past few years that eligibility for Medicaid has gotten tougher. In 2006 the so-called look-back period was extended from three years to five years," she says. During that period, the government can check, or look back, to see if you have sheltered or given away assets &mdash; and if you have, it triggers a penalty period when you're ineligible for government aid.</p>
<p>"There are now proposals in Congress to increase it to 10 years," Carrozza says. And, she warns, Medicare only covers up to 100 days of rehabilitation following hospitalization. "Beyond that &mdash; nothing!"</p>
<p>The Employee Benefit Research Institute says the average retirement shortfall for Baby Boomers and Gen Xers is nearly $50,000. But that rises dramatically when expenses for home health care or nursing homes are added: for married households by $25,317; single males, an average increase of $32,433; and by $46,425 for single females.</p>
<p>No wonder so many people are worried that they won't have enough money to even cover health care costs in retirement, let alone make it through retirement in the lifestyle they are accustomed to.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.usatoday.com/story/money/columnist/brooks/2014/09/09/retire-long-term-care-insurance-baby-boomer/14968081/" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:ef6dcc55-1eaf-42eb-89e4-6341c7ca916chttp://www.nwinsurance.com/blog/big-student-loans-consider-life-insurance.aspxBig student loans? Consider life insuranceIf you're co-signing big student loans for your child, you may want to buy a life insurance policy while you're at it. While no one wants to imagine the death of their child, taking out insurance on your son or daughter -- or asking them to purchase ...Fri, 20 May 2016 14:43:00 -0500<h2>If you're co-signing big student loans for your child, you may want to buy a life insurance policy while you're at it.</h2>
<p>While no one wants to imagine the death of their child, taking out insurance on your son or daughter -- or asking them to purchase their own plan -- will protect you from being hit with mountains of debt should tragedy strike.</p>
<p>And the policies are pretty cheap. A basic plan with up to $250,000 in coverage can cost as little as $15 a month for a young, healthy college student or recent graduate. That's a whole lot less than the loan payments you could be stuck with -- which average more than $200 a month.</p>
<p>Such a move would have been life altering to&nbsp;Steve and Darnelle Mason, who lost their daughter Lisa five years ago.</p>
<p>Trying to pay back the $100,000 in private student loans they co-signed for their daughter has been a&nbsp;financial nightmare.</p>
<p>"I absolutely wish we had [a life insurance] policy," said Steve Mason. "We would not have struggled financially for the past four years with these private student loans, and our credit would not have been ruined."</p>
<p>Federal student loans are forgiven by the lender when a borrower dies, but private lenders aren't required to provide any such relief.<strong style="margin: 0px; padding: 0px; border: 0px; background: transparent;"></strong></p>
<p>That's one reason it's important to get as much federal aid as possible before turning to private lenders. And for parents, it means not co-signing on a loan unless you have the means to repay it.</p>
<p>Another reason for caution: student loans can rarely be discharged in bankruptcy.</p>
<p>But for many parents, getting their child a good college education is non-negotiable -- and that's when life insurance can provide a little peace of mind, says Eleanor Blayney, a certified financial planner and consumer advocate for CFP Board.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://money.cnn.com/2014/08/05/pf/college/student-loans-insurance/index.html?iid=SF_PF_River" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:e336a7ff-0f4b-42cd-a618-0c4f8bf05986http://www.nwinsurance.com/blog/enjoy-financial-security-with-life-insurance.aspxEnjoy financial security with Life InsuranceFinancial needs change with change in one's life stage. Whether it's your marriage, children's education or retirement years, you need money to get through the various stages of life comfortably. Life insurance helps you meet these requirements and p...Fri, 13 May 2016 14:43:00 -0500<p>Financial needs change with change in one's life stage. Whether it's your marriage, children's education or retirement years, you need money to get through the various stages of life comfortably. Life insurance helps you meet these requirements and prepares you for unforeseen expenses. Insurance provides you with financial security that helps you take care of your loved one.</p>
<p>In order to reap the benefits that insurance has to offer, you must factor in insurance early in life.</p>
<p><strong>When it comes to insurance, be an early bird</strong></p>
<p>Ideally, it makes sense to buy at least one life insurance policy when you have just started to earn. Doing so has its own advantages. Not only do you add a crucial instrument to your financial portfolio, but it also helps ensure that your family's financial situation does not debilitate should anything untoward happen to you. Besides, when you start young, the premium amounts too are lower. </p>
<p>At a later stage in life, you can always revisit your insurance portfolio and add another policy keeping with your changing financial needs. This process is called a life insurance review and is extremely important. </p>
<p><strong>Review your insurance plan from time to time</strong></p>
<p>Life insurance is not a one-size-fits-all solution. It is therefore important to review your insurance plan at regular intervals. It will prepare you for life's various milestones and the associated expenses. One of the biggest advantages of a life insurance review is that you do not stay underinsured. As age advances, your responsibilities increase and lifestyle undergoes changes. Based on timely reviews, you can revise your life insurance cover from time to time.</p>
<p>It is only with constant reviewing of your insurance plan can you start building a corpus for your old age.</p>
<p><strong>Planning for the future</strong></p>
<p>You start working, get married, have kids and soon enough, your kids grow up. Even before you realize it, you find yourself standing with a farewell bouquet at the threshold of a new phase of life - the post-retirement period. To ensure that you don't take a financial hit in your older age, you must plan for it in advance. Taking a life insurance policy at a young age will simplify things for you as you approach the golden years of your life. <br />
There are varied options of retirement plans that one can choose from. You can choose to go with monthly income or annual payouts as per your requirements. If you choose to buy a monthly income plan, you will be entitled to a monthly income during your post-retirement years.<br />
<strong><br />
How your retirement plan will help you in your old age</strong></p>
<p>On various occasions, people are under the impression that savings accrued over a lifetime are sufficient to see them through old age. This is perhaps one of the biggest misconceptions. Life is unpredictable and sometimes all it takes is a bout of critical illness to wipe out all that you had saved. You can avoid such a situation by opting for a retirement plan early in life (preferable in late 20s or early 30s). It supplies you with an income every month, almost similar to the salary that you used to receive when you were employed. You can use this money for your routine expenses as also for health emergencies. </p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://indiatoday.intoday.in/story/enjoy-financial-security-with-life-insurance/1/376537.html" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:c2b49ff3-7a5a-4a7b-a3f7-d96243176d84http://www.nwinsurance.com/blog/how-to-get-the-best-rates-on-life-insurance.aspxHow to Get the Best Rates on Life InsuranceLife insurance is supposed to provide peace of mind. But for many, the approval process gives them nothing but nightmares.&nbsp; The cost of life insurance varies depending on an applicant&rsquo;s health history. According to a recent survey, smokers...Fri, 06 May 2016 14:43:00 -0500<p>Life insurance is supposed to provide peace of mind. But for many, the approval process gives them nothing but nightmares.&nbsp;</p>
<p>The cost of life insurance varies depending on an applicant&rsquo;s health history. According to a recent survey, smokers, on average, pay more than three times for the same policy than non-smokers.A non-smoking 45-year-old woman pays around $45 a month for $500,000 of 20-year level term coverage, while a female smoke of the same age will pay $167 month.</p>
<p>Age, your overall health, and your hobbies and occupation are also taken into consideration and can drive premiums higher. But that doesn&rsquo;t mean you&rsquo;re stuck paying a higher cost or skip insurance all together.</p>
<p>&ldquo;There are many ways to save,&rdquo; on life insurance, says Tony Steuer, an author and insurance literacy advocate. &ldquo;Each insurance company has their own pricing strategy and can be more [or less] competitive in specific tiers. Companies also have different perspectives on medical/health issues, such as some companies are more lenient on build or on other more complex medical issues&rdquo;</p>
<p>Here are four tips experts to employ to get life insurance without breaking the bank:</p>
<p><strong style="margin: 0px; padding: 0px; border: 0px none;">Tip No.1 Shop Around</strong></p>
<p>Take the time to compare plans. &ldquo;Some carriers weigh the fact that you are a smoker more heavily than other carriers,&rdquo; says Laura Adams, senior analyst.</p>
<p>There are online aggregators that will compare plans and rates, or you can use an agent to shop around for you. If you use an agent, experts recommend making sure the professional has access to multiple policies and insurers since each company has different underwriting and rating polices.</p>
<p>&ldquo;Every company has their own secret sauce on what they quote a customer,&rdquo; says Adams. As a result, she says consumers should get at least three quotes and include one from a top carrier or a company that provides coverage nationwide.</p>
<p><strong style="margin: 0px; padding: 0px; border: 0px none;">Tip No.2: Get in Shape Now</strong></p>
<p>In general, healthy people pay less than for coverage.</p>
<p>While it&rsquo;s going to vary from one insurer to the other in terms of how long you&rsquo;ll have to be smoke free to qualify as a non-smoker, kicking the habit is going to be your best shot at getting a lower rate.</p>
<p>&ldquo;An individual who might be declined or facing life insurance premiums that are higher than they anticipated might use their quest for coverage as a wakeup call to improve their health,&rdquo; says Jack Dolan, a spokesman for the&nbsp;American Council of Life Insurers. &ldquo;When they do that, they can then come back to the life insurer and show how they have improved.&rdquo;</p>
<p>If you already have a life insurance policy and quite smoking, Adams suggests alerting the insurer and inquiring about getting reclassified for a lower premium. The one thing you don&rsquo;t want to do is lie or stretch the truth on your application--even if it&rsquo;s something they can&rsquo;t prove such as your weekend bungee jumping escapades. &ldquo;If you die before you quit smoking and they investigate your death, they can deny a payoff if they found nicotine in your blood at the time of death,&rdquo; says Adams.</p>
<p><strong style="margin: 0px; padding: 0px; border: 0px none;">Tip No.3: Get in on a Group Policy</strong></p>
<p>Many corporate benefit programs offer life insurance that doesn&rsquo;t require a physical exam or undergo any medical tests. While the amount you can take out is often capped, it is a way to get some coverage if you are unhealthy and fear you can&rsquo;t afford the premium.</p>
<p>Becoming a member of an association or organization can often get access to a group life insurance policy in many cases.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.foxbusiness.com/personal-finance/2014/08/05/how-to-get-best-rates-on-life-insurance/" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:983305b1-bd47-4c0a-a1b0-dec51f24476dhttp://www.nwinsurance.com/blog/term-life-insurance-or-permanent.aspxTerm life insurance or permanent?When it comes to life insurance, most buyers simply pick a number for the desired death benefit and go through the motions of the application process. There isn&rsquo;t much thought as to the amount or type of insurance best fits the bill. Term insu...Fri, 29 Apr 2016 14:42:00 -0500When it comes to life insurance, most buyers simply pick a number for the desired death benefit and go through the motions of the application process. There isn&rsquo;t much thought as to the amount or type of insurance best fits the bill.<br />
<br />
Term insurance is the most popular type of life insurance bought in the US today. Term refers to life insurance that is in force for a particular period of time, for an agreed upon premium. Annual renewable term allows the insured to maintain the policy for as long as the contract states as long as the annual premium is paid. Level premium term is coverage that lasts for a specified period for a specified premium. Most common are 10, 20 and 30 year term coverage.<br />
<br />
For many insurance needs, term insurance is the best way to go. The premiums are generally small compared to the death benefit, and affordable to businesses and families.
There are a few precautionary measures to consider, however.<br />
<br />
You need to ask yourself about the likelihood that you&rsquo;ll want coverage after the selected term period expires. Most annual renewable and level premium term contracts do have extending language built into the contract, but in many cases the premiums skyrocket and can suddenly become unaffordable for the insured after the original term has passed. Also, see if the policy has conversion language to a permanent type of policy where you could maintain the coverage for your entire life if desired.<br />
<br />
Permanent insurance includes whole life, universal life and variable life insurance. The cost of permanent life insurance is initially much higher than term coverage. Agents claim that over your entire life, the huge up-front costs turn out to actually provide the lowest total cost of coverage.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.patriotledger.com/article/20140809/BUSINESS/308109999/12335/NEWS" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:11704d2c-5ae3-4384-a7c3-45a0d9011ed5http://www.nwinsurance.com/blog/heres-the-type-of-insurance-you-should-buy-at-every-age.aspxHere's The Type Of Insurance You Should Buy At Every AgeHaving insurance is a lot like carrying an umbrella with you at all times: Most of the time it feels burdensome, but boy, are you glad to have it when the rain comes. The right insurance policies are key to a healthy financial life. Below, we've expl...Fri, 22 Apr 2016 14:42:00 -0500<p>Having insurance is a lot like carrying an umbrella with you at all times: Most of the time it feels burdensome, but boy, are you glad to have it when the rain comes.</p>
<p>The right insurance policies are key to a healthy financial life. Below, we've explained briefly which those are, plus when you should purchase them.</p>
<p>Keep in mind that insurance policies are largely personal. Everyone's situation and needs are different, and as your life changes (say, you get a new job or have a baby) so should your coverage.</p>
<p>One of the best things you can do to get the best coverage for your needs is to educate yourself: Get multiple quotes, read your policy closely before signing on, and don't hesitate to ask questions when you don't understand.</p>
<p>Also note that while the policies below are arranged by age, of course they aren't all set in stone. If you become a homeowner in your 40s instead of your 30s, for example, that's when the need for homeowner's insurance will kick in.</p>
<p>Here's a brief overview of the policies you need and when you need them:</p>
<h3>In Your 20s</h3>
<p><strong>Health insurance.</strong>&nbsp;While the Affordable Care Act has brought health insurance to the headlines, the simple fact remains that for most of us, healthcare in the U.S. is impossible to afford without insurance. (Not to mention that under the ACA, you usually have to <a href="https://www.healthcare.gov/what-if-i-dont-have-health-coverage/" target="_blank" sl-processed="1">pay a fine</a> if you go without coverage.) Under the law, children can stay on their parents' policies until age 26. If that's you, you'll need coverage immediately after that period. If you have a job, you can usually obtain it through your employer.</p>
<p><em>You'll stop needing it: Never.</em></p>
<p><strong>Auto insurance (when you get a car).</strong>&nbsp;There were over 5.6 million accidents&nbsp;i<span>n 2012, according to&nbsp;the National Highway Traffic Safety administration</span>. If you have a car, you need auto insurance. Insurance rates vary according to everything from who is driving the car (like your teenager) to your driving history.</p>
<p><em><em>You'll stop needing it</em>: When you no longer own a car.</em></p>
<p><strong>Disability insurance (when you get a job).</strong>&nbsp;Disability insurance is meant to provide income should you be disabled and unable to work. It's estimated by the Social Security Administration that&nbsp;over 25% of today's 20-year-olds&nbsp;will be disabled before retirement.</p>
<p>If you're relying on your income to live, you should have disability insurance. Most people who are traditionally employed should be able to secure a policy through their employer, while people who are self-employed will have to take out an individual policy. Some people may prefer the increased coverage provided by buying private policies to supplement those from their employers. This is even more important if you have dependents relying on your income.</p>
<p><em><em>You'll stop needing it</em>: Once you exit the working world around age 65, which is often the end of the longest policy you can buy.</em></p>
<p><strong>Renter's insurance (when you rent your own place).</strong> Renter's insurance, while not a baseline requirement like health or auto insurance, is something any renter will be glad to have in the case of a fire, leak, or storm. While policies differ, they're generally low cost (think $30 a month) and cover costs including the replacement of your personal property as well as a temporary living situation should you be unable to occupy your rented home. Note that, if needed, you can usually add coverage to this policy for an engagement ring.</p>
<p><em><em>You'll stop needing it</em>: When you stop renting.</em></p>
<h3>In Your 30s</h3>
<p><strong>Life insurance (when you get married and/or have children).</strong> Life insurance, like disability insurance, is meant to replace your income for those relying on it should something go terribly wrong. There's one situation in which pretty much everyone agrees some type of life insurance is a good idea: When you have dependents, such as minor children or a spouse who doesn't work.</p>
<p>You can calculate your coverage needs at lifehappens.org. Again, many people will be able to get coverage through their employers, but not always as much as they need. Some experts recommend replacing up to 10 times your annual income.</p>
<p><em><em>You'll stop needing it</em>: When your dependents are no longer relying on you for financial support. For that reason, term life insurance (a policy that only covers you for a set amount of years) tends to be a better fit for many parents, whose kids will grow up and become financially independent.</em></p>
<p><strong>Homeowner's insurance (when you buy your own place).</strong> This is one of those non-negotiables: If you own a home, you need homeowner's insurance, which should cover everything from the structure itself to your belongings to liability should someone be injured on your property. Note that if you live in an area of the country that's subject to flooding, earthquakes, or other natural disasters, you may need to purchase additional coverage that isn't included in your primary policy.</p>
<p><em><em>You'll stop needing it</em>: If you sell your home and go back to renting, or make other living arrangements.</em></p>
<p><strong>Pet insurance (if you have a pet).</strong>&nbsp;Pet insurance isn't necessarily a must-have, but if you're the type to shell out $8,000 for your dog's surgery, it might be worth considering. Some plans even cover routine vet visits and vaccinations, and most will reimburse 80-90% of your vet bills for a premium that ranges from about $100-$300 per year.</p>
<p><em><em>You'll stop needing it</em>: When you no longer own a pet.</em></p>
<h3>In Your 40s</h3>
<p><strong>Long-term care insurance.</strong> Long-term care insurance is exactly what it sounds like: It covers care for people who are aging or disabled and need help with daily living, whether that means a nursing home or an attendant. This is the sort of thing people don't think about until they get older and realize this might be a reality for them, but of course, as you get older you get more expensive to insure. That's why it's a good idea to start looking at long-term care insurance well before you need it. Bankrate.com has a great explanation of how shopping sooner rather than later can save you money.</p>
<p><em><em>You'll stop needing it</em>: Never.</em></p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.businessinsider.com/insurance-for-every-age-2014-6" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:b8a6de75-4947-4e1d-958a-5037235412cfhttp://www.nwinsurance.com/blog/pet-owners-use-life-insurance-to-fund-furry-friends-future-care.aspxPet Owners Use Life Insurance To Fund Furry Friends' Future Care903 pet owners were surveyed and 44 percent say they have made formal or informal plans for their pets&rsquo; future care. For one-fifth of those owners, according to the survey,&nbsp;&ldquo;Pet heirs: Financial planning with pets in mind,&rdquo;&nb...Fri, 15 Apr 2016 14:42:00 -0500903 pet owners were surveyed and 44 percent say they have made formal or informal plans for their pets&rsquo; future care.<br />
<br />
For one-fifth of those owners, according to the survey,&nbsp;&ldquo;Pet heirs: Financial planning with pets in mind,&rdquo;&nbsp;those plans are financial.<br />
<br />
<strong>Pricing a pet&rsquo;s life</strong><br />
The pet industry has more than tripled in 20 years from $17 billion in 1994 to an estimated $59 billion in 2014, according to the&nbsp;American Pet Products Association. The pet owners who took Securian&rsquo;s survey in May 2014 provide evidence of that growth. When asked how much they would spend to save a pet&rsquo;s life:<br />
&middot; 16 percent say they would spend $10,000 or more.<br />
&middot; 29 percent would spend $2,000 to $5,000.<br />
<br />
<strong>Cost of care</strong><br />
When asked about ongoing maintenance and veterinary costs, respondents in the Securian survey indicated their expenses can be substantial:<br />
&middot; Nearly 60 percent spend up to $1,000 a year on food, grooming, toys, etc.<br />
&middot; Three-fourths spend up to $1,000 a year on veterinary bills.<br />
&middot; 18 percent say their largest single pet related expense was $2,000 or more.<br />
<br />
These costs add up to many thousands of dollars over the years, especially for long-lived pets.<br />
<br />
&ldquo;If the owner suddenly dies or becomes disabled, the person who inherits the pet may not be financially prepared for the added expense of ongoing care or life-saving procedures,&rdquo; said&nbsp;Michelle Hall, manager, Market Research, Securian Financial Group. &ldquo;Our survey shows a significant percentage of pet owners make financial plans to ensure their pets will always be well cared for.&rdquo;<br />
<br />
<strong>Life insurance, annuities and cash</strong><br />
Nearly one-fifth of all respondents in Securian&rsquo;s survey say they have financially planned ahead for their pets&rsquo; future care. When those respondents were asked to select all that apply:<br />
&middot;&nbsp;38 percent said they added the pet&rsquo;s future caregiver as a beneficiary to a life insurance policy.<br />
&middot; 35 percent added more coverage to their life policies.<br />
&middot; 13 percent purchased annuities naming the pet&rsquo;s caregiver as the beneficiary.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://insurancenewsnet.com/oarticle/2014/08/11/pet-owners-use-life-insurance-to-fund-furry-friends-future-care-a-542530.html#.U-oj2-NdXh4" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:8f35df14-7494-4b9d-8e76-b27ceea5a86dhttp://www.nwinsurance.com/blog/finding-home-insurance-when-you-have-a-good-dog.aspxFinding home insurance when you have a good dogYour dog isn't just a good dog -- he's your best friend who wouldn't hurt a flea. But you might have to prove it to get your&nbsp;home&nbsp;insurance company to cover him, especially if he belongs to a breed with a reputation as aggressive. Home insu...Fri, 08 Apr 2016 14:41:00 -0500<p>Your dog isn't just a good dog -- he's your best friend who wouldn't hurt a flea.</p>
<p>But you might have to prove it to get your&nbsp;home&nbsp;insurance company to cover him, especially if he belongs to a breed with a reputation as aggressive.</p>
<p>Home insurers are increasingly cautious about providing liability coverage for dogs because pooches are taking a bigger bite out of their bottom lines.</p>
<p>More than one-third of the dollars home insurance companies pay out for liability claims is for injuries caused by dogs. Last year, dog liability insurance claims cost home insurers more than $483 million, according to the Insurance Information Institute (III) and State Farm, the largest U.S. home insurance provider.</p>
<p>The average cost of a dog liability claim nationwide, which was $27,862 in 2013, has grown more than 45 percent in the last decade, thanks to rising medical costs as well as the size of settlements, judgments and jury awards given to plaintiffs, says Loretta Worters, III vice president.</p>
<p>Traditionally, renters and&nbsp;homeowners&nbsp;insurance has covered dog bite liability legal expenses up to the policy's liability limits. But some insurers now require dog owners to sign liability waivers for dog bites, and some exclude certain breeds of dogs, such as pit bulls, Doberman Pinschers and German Shepherds, from liability coverage, or they charge more to cover certain breeds. Some home insurers won't cover dogs, period.</p>
<h2>Showing your dog is a good citizen</h2>
<p>How can you prove your dog is not a risk?</p>
<p>In some cases, especially if your dog has already bitten someone, you might have to resort to purchasing a separate&nbsp;dog liability insurance&nbsp;policy to cover him.</p>
<p>But in other cases, you might be able to persuade&nbsp;your home&nbsp;insurer to cover your dog if you can document that you are a responsible owner.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.thestreet.com/story/12770301/1/finding-home-insurance-when-you-have-a-good-dog.html" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:c832cd3c-50a5-4461-9a34-bf6070d8de01http://www.nwinsurance.com/blog/do-you-have-enough-life-insurance.aspxDo You Have Enough Life Insurance?A new study shows Americans have even less insurance since the recession, leaving their families vulnerable. Life insurance is usually last on the list of important-but-necessary items people want to spend money on, because, let&rsquo;s face it, no o...Fri, 01 Apr 2016 16:18:18 -0500<h2>A new study shows Americans have even less insurance since the recession, leaving their families vulnerable.</h2>
<p>Life insurance is usually last on the list of important-but-necessary items people want to spend money on, because, let&rsquo;s face it, no one wants to dwell on the circumstances in which it could come in handy. Now, in the wake of the Great Recession, people have even less insurance than before, which leaves families unprepared to cope with potential tragedy.
</p>
<p>
The gap between the amount of life insurance Americans actually have and the amount they think they need has now widened to about $320,000, according to a recent survey of 1,004 respondents by New York Life Insurance. Respondents on average said they needed about $540,000 worth of insurance, but they only had $220,000 last year.
</p>
<p>
Similarly, between 2004 and 2010, the number of people with life insurance dropped from 78 percent to 70 percent, says Bob Kerzner, CEO and president of LIMRA, a financial services industry group. &ldquo;So three in 10 households in the United States have absolutely no life insurance whatsoever,&rdquo; he says. He attributes the large drop partly to the recession and the fact people don&rsquo;t &ndash; or at least think they don&rsquo;t &ndash; have the money to afford a life insurance policy.
</p>
<p>
Kerzner says people tend to think that life insurance is about three times more expensive than it actually is. &ldquo;There&rsquo;s the perception that it costs more than it does, so they think it won&rsquo;t fit into their budget, even when it might,&rdquo; he adds. LIMRA surveys have also found that about half of households say they believe they don&rsquo;t currently have enough life insurance.
</p>
<p>
Millennials, who are now in their 20s and early 30s, are particularly likely to be underinsured. A LIMRA survey released last month found that if the primary breadwinner were to die, six in 10 Gen X and Gen Y Americans​ said their households would suffer financially, versus just over one-third of baby boomers. The survey, based on 6,000 respondents, found that Gen Y is also less likely to have life insurance compared to older generations. Just one-third have individual life insurance policies, compared to about half of baby boomers.
</p>
<p>
&ldquo;Young people in general tend to assume they&rsquo;re absolutely invulnerable,&rdquo; says Steven Weisbart​, chief economist for the Insurance Information Institute. But young adulthood is also an ideal time to lock in low rates on policies, he adds. &ldquo;When you&rsquo;re young, it&rsquo;s really cheap &hellip; This is a good time to buy,&rdquo; he says.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://money.usnews.com/money/personal-finance/articles/2014/07/16/do-you-have-enough-life-insurance">Source</a></p>urn:uuid:f2184fd3-e2b9-41cf-9ebf-848faf9df267http://www.nwinsurance.com/blog/workers-compensation-is-your-business-covered.aspxWorkers’ Compensation, Is Your Business Covered?Workers&rsquo; compensation was originally created to assure workers who suffer an on-the-job accident would get necessary medical treatment and receive a percentage of their wages while recovering. However, some saw this as a biased system. If cover...Fri, 25 Mar 2016 17:17:57 -0500<p>Workers&rsquo; compensation was originally created to assure workers who suffer an on-the-job accident would get necessary medical treatment and receive a percentage of their wages while recovering. However, some saw this as a biased system. If covered by the correct workers&rsquo; compensation, employers see many benefits, including having their&nbsp;expenses limited to&nbsp;medical treatment, wage losses, disfigurement, and, when applicable, permanent disability or death benefits and not facing a negligence lawsuit.</p>
<p>With the increase of the freelance economy in the U.S., many employers don&rsquo;t know what they need to provide in the way of workers&rsquo; compensation to their contractors.</p>
<p>Workers&rsquo; compensation laws are governed by the individual states rather than the federal government, which means business owners need to research the workers compensation laws in their area by either viewing the state&rsquo;s website which clearly lists workers compensation rules. They can also seek advice from an insurance agent about the legal obligations.</p>
<p>Many states can carry out an IRS test that determines whether someone working for a company should be deemed as an employee or as an independent contractor. This helps clarify who needs to be looked after under workers&rsquo; compensation and who needs to hold their own workers&rsquo; compensation.</p>
<p>Bill Feldhaus, retired professor of risk management at Georgia State University&rsquo;s Robinson College of Business, recommends that business owners ask their contractors for evidence of&nbsp;their own workers compensation insurance.</p>
<p>&ldquo;It&rsquo;s very critical that you clarify who is assuming the workers&rsquo; compensation obligation if they get hurt on the job&hellip;if your company really does not want to take on that obligation, you might spell out in their contract that you&rsquo;re not assuming state workers&rsquo; comp responsibility.&rdquo;</p>
<p>Workers compensation can be a huge expense that many companies want to avoid. Erik Stenson, founding principal of ABD Insurance &amp; Financial Services, recommends that an employer who doesn&rsquo;t provide workers compensation should get freelancers to sign a contract that, in the case of an accident, the company is held harmless. Employers should also hire contractors who provide proof of their own workers&rsquo; compensation or find contractors through an employment agency that provides workers&rsquo; compensation.</p>
<p>This makes sure businesses and employers are prepared and covered for the worst possible situation. Without any prior legal agreement regarding workers compensation, the court often sides with the contractor if he or she sues the business for damages after an accident.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.inquisitr.com/1313951/workers-compensation-is-your-business-covered/">Source</a></p>urn:uuid:a7aabba5-05e9-455a-8a35-1cca8e48411chttp://www.nwinsurance.com/blog/dont-run-out-of-luck-on-st-patricks-day--drink-responsibly.aspxDon't Run Out Of Luck On St. Patrick's Day - Drink ResponsiblyThe luck of the Irish is not enough to protect you against a possible encounter with an impaired driver during St. Patrick's Day. Alcohol-related crashes continue to be the main factor for deaths during this holiday. In 2000 there were 151 fatal car...Thu, 17 Mar 2016 14:00:00 -0500The luck of the Irish is not enough to protect you against a possible encounter with an impaired driver during St. Patrick's Day.<br />
<br />
Alcohol-related crashes continue to be the main factor for deaths during this holiday. In 2000 there were 151 fatal car accidents on St. Patrick's Day, half of which were alcohol-related.<br />
<br />
"During holidays, alcohol consumption and alcohol-related crashes increase, making the roadways dangerous," said Elizabeth Mosely, spokesperson for the Insurance Information Institute (I.I.I.)<br />
<br />
Partygoers and their hosts should do their part to help reduce the number of DUI-related crashes by taking the necessary steps to help prevent loss of life.<br />
<br />
The I.I.I. offers the following tips on how to have a safe and successful celebration:<br />
<br />
<ul>
<li><strong>ESTABLISH AT THE START OF THE PARTY WHO THE DESIGNATED DRIVERS ARE.</strong> <br />
Make an extra effort to see that anyone who has had too much to drink doesn't drive.</li>
<li><strong>ALWAYS EAT OR SERVE FOOD WITH ALCOHOL.</strong>&nbsp;<br />
<span>It is proven that food can help counter the effects of alcohol.</span></li>
<li><span><strong>HAVE A VARIETY OF BEVERAGES AVAILABLE. </strong><br />
As the evening goes on, shift to non-alcoholic beverages. Serve coffee or tea towards the end of the party.</span></li>
<li><span><strong>IF A GUEST HAS HAD TOO MUCH TO DRINK, CALL A CAB OR PUT HIM OR HER UP FOR THE NIGHT.</strong> <br />
If you have a "sleepover," you can memorize all the verses to Danny Boy.</span></li>
<li><span><strong>IF DRIVING, WEAR YOUR SEATBELT. <br />
</strong>The studies are right. Seatbelts do save lives.</span></li>
</ul>
<div>Remember, in some states you can be held financially responsible for your guests' actions after they leave your party. Drivers convicted of drunk driving also face huge increases in their auto insurance rates, which can easily triple or more, if the insurer agrees to continue carrying the offender.<br />
</div>
<p style="text-align: right;">Read More: <a style="color: black;" href="http://www.iii.org/press-release/dont-run-out-of-luck-on-st-patricks-day-holiday-revelers-encouraged-to-drink-responsibly-031502" target="_blank">Source</a></p>urn:uuid:b512af8a-c28a-4f4a-864a-060717f5d0a3http://www.nwinsurance.com/blog/disability-insurance-the-overlooked-employee-benefit.aspxDisability Insurance: The Overlooked Employee BenefitDoes your pay stub include the cryptic three-letter code LTD with a tiny dollar amount that&rsquo;s deducted each pay period? &nbsp;It stands for long-term disability insurance, and it pays to have it to provide for your family when you can&rsquo;t w...Fri, 11 Mar 2016 16:57:00 -0600<p>Does your pay stub include the cryptic three-letter code LTD with a tiny dollar amount that&rsquo;s deducted each pay period? &nbsp;It stands for long-term disability insurance, and it pays to have it to provide for your family when you can&rsquo;t work because of an injury or an illness like cancer. But many employees go without it. In fact, despite the fact that more employers are offering long-term disability insurance as an employee benefit, the number of employees insured is dropping.</p>
<p>That&rsquo;s the troubling trend that the Council For Disability Awareness, a group representing 19 member insurance companies, found in its latest&nbsp;annual review&nbsp;of claims data for 2013. More than 213,000 employers offer long-term disability insurance through those companies, a slight increase for the second year in a row, after declines from 2009 to 2011. Yet the number of insured employees declined roughly 1.5% to 32.1 million last year (in 2009, 34 million employees had coverage).</p>
<p>There are a couple of reasons for the changing disability landscape, according to Barry Lundquist, president of the Council. One factor is that employers are focused on compliance with the new Affordable Care Act&rsquo;s health insurance provisions&mdash;so employers and agents/brokers are saying they&rsquo;ll deal with other benefits like disability insurance later.</p>
<p>Another factor is that when employers are adding disability insurance as a benefit today, it&rsquo;s more likely that they add it as a voluntary benefit. That means the employee pays the full cost. Historically, the employer has paid the full cost, or at least for coverage up to a certain level. With employer-paid plans, employees are automatically enrolled. Sometimes you have the decision whether to make salary deferrals to increase your coverage. But with voluntary plans, enrollment hovers around 40%, Lundquist says.</p>
<p>Perhaps in part because of the improving economy, the number of individuals receiving long-term disability payments declined for the second year in a row, after four straight years of increases from 2008 through 2011. Yet total claim payments increased by 1.6% to $9.8 billion in 2013, the fourth year of increasing payments.</p>
<p>If you have disability insurance, you need to understand what you do have and determine if it&rsquo;s enough. A typical benefit is 60% of your salary up to a $5,000 maximum monthly payout. Check if there&rsquo;s an option to buy more coverage through your employer (the extra premiums really are cheap; I pay $75 a year). If you don&rsquo;t have employer coverage or need more coverage than your employer plan offers, consider buying a personal policy on your own.</p>
<p>Here are some facts about disability insurance from the 2013 claims review to keep in mind while you&rsquo;re reviewing your coverage.</p>
<p><strong>Women take note.</strong>&nbsp;Women make up the majority of new claims. 56% of new long-term disability claims approved during 2013 by the member companies were for women; 44% were for men.</p>
<p><strong>It&rsquo;s for all ages.</strong>&nbsp;While claims by those age 50 and older, driven by claims by those age 60 and older, have been consistently increasing as a percentage of total claims over the past five years, younger workers face disabilities and benefit from long-term disability insurance. Four in ten new claims were made by those in their 40s or younger.</p>
<p><strong>Injuries aren&rsquo;t the leading cause of disability claims.&nbsp;</strong>Musculoskeletal system and connective tissue disorders like arthritis and sciatica are the leading cause of new disability claims, coming in at 29% of new claims. Cancer is second at 15% of new claims. Injuries and poisoning combined represent 10% of new claims.</p>
<p><strong>Social&nbsp;Security&nbsp;disability only goes so far.</strong>&nbsp;Almost three-quarters of workers who get private disability insurance also get Social Security disability. Social Security disability payment amounts are very low&mdash;in the $700 a month range for younger workers. &ldquo;That doesn&rsquo;t go very far,&rdquo; notes Lundquist. Also, it&rsquo;s hard to qualify for and can take a year or longer to get approved for benefits.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.forbes.com/sites/ashleaebeling/2014/06/19/disability-insurance-the-overlooked-employee-benefit/">Source</a></p>urn:uuid:7f3f7161-6e2a-4b8d-a03b-a3309d5e9117http://www.nwinsurance.com/blog/are-you-making-these-health-insurance-mistakes.aspxAre You Making These Health Insurance Mistakes?If you&rsquo;re responsible for a portion, if not all of your health insurance costs, you are well aware of the price tag that comes with the territory. While you can take the easy way out and sign up for the cheapest and most streamlined health insu...Fri, 04 Mar 2016 16:41:40 -0600<p>If you&rsquo;re responsible for a portion, if not all of your health insurance costs, you are well aware of the price tag that comes with the territory. While you can take the easy way out and sign up for the cheapest and most streamlined health insurance policy, you could end up contributing to your out-of-pocket costs considerably.</p>
<p>The smarter alternative is to do your homework so you can avoid making the following costly health insurance mistakes.</p>
<h3>1. Focusing only on the premium and deductible</h3>
<p>When you&rsquo;re selecting a policy, it&rsquo;s wise to look beyond the premium and deductible. (For those of you who are unfamiliar with these terms, the premium is your monthly payment and the deductible is the amount you are responsible for before your plan kicks in). There are other costs involved as well.</p>
<p>Unfortunately, I learned this lesson the hard way. Under my policy, surgical procedures were covered at 80 percent, leaving me responsible for the other 20 percent. I never really gave it much thought until an emergency arose, resulting in a $12,000 hospital bill. My portion of $2,400 was a tough pill to swallow, not to mention the $500 deductible that I hadn&rsquo;t met.</p>
<p>However, remember that under Obamacare, your health insurance will pay for certain types of preventive care at no cost to you.</p>
<h3>2. Failing to read the fine print</h3>
<p>This is common among those who fit into the category above. Among the things you should pay close attention to are:</p>
<ul>
<li>In-network&nbsp;vs. out-of-network providers.</li>
<li>HMOs vs. PPOs.</li>
<li>Coverage options (i.e., surgeries, wellness exams, routine treatments).</li>
<li>Referral policies.</li>
</ul>
<p>William Byron, vice president of customer service operations for Geisinger Health Plan, told U.S. News &amp; World Report:</p>
<p>The top mistake individuals make is not calling their insurance provider&rsquo;s customer service team when they have questions regarding their coverage. The most common issues, including not having a prior authorization to see a specialist or visiting an out-of-network provider, can cost an individual more or may not be covered at all. Individuals should talk with the experts provided by their insurance company.</p>
<p>Failing to ask questions in an effort to gain clarity on those things you don&rsquo;t understand will only cost you more in the long run.</p>
<h3>3. Not shopping around</h3>
<p>It takes energy and a bit of patience on your behalf to explore your options, but you can save hundreds or thousands by doing so. Circumstances change and so do providers&rsquo; pricing structures, so loyalty may not always be your best bet.</p>
<p>And while exploring your options, research the provider&rsquo;s track history. If the reviews are shaky, you don&rsquo;t want to get caught up with a company representative who&rsquo;s fighting you over a claim.</p>
<h3>4. Signing up for COBRA</h3>
<p>The federal government mandates that COBRA continuation coverage be offered to many who leave their jobs for up to 18 months after separating from their employer. You may think it&rsquo;s a nice gesture, but the true cost of coverage is about 102 percent of the full cost of the policy, versus the 25 to 30 percent that you were once accustomed to paying.</p>
<p>A smarter alternative? &ldquo;Get price quotes at eHealthInsurance or find policies in your area at HealthCare.gov,&rdquo; Kiplinger suggests.</p>
<h3>5. Getting too much insurance</h3>
<p>Do you really need all of the coverage you signed up for? For instance, a platinum plan under Obamacare will cover on average 90 percent of your medical costs, but the premiums are pricey. If you don&rsquo;t go to the doctor often and have no chronic health issues, maybe a cheaper&nbsp;gold, silver or bronze plan&nbsp;would make more financial sense.</p>
<h3>6. Assuming one size fits all</h3>
<p>Everyone&rsquo;s needs and medical conditions are different, so the policy that works for your co-worker may not work for you. It&rsquo;s simple to get sucked into this trap during open enrollment period because you fear that the insurance representative is trying to sell you a bunch of add-ons that you don&rsquo;t need.</p>
<p>Or even worse, the daunting policy workbook and confusing verbiage that lies on each of the pages are enough for you to make the decision to go with the flow.</p>
<h3>7. Skipping coverage because you&rsquo;re &ldquo;healthy&rdquo;</h3>
<p>If you fall ill and desperately need coverage to avoid an exorbitant medical bill, you may be out of luck because the enrollment period has closed.</p>
<p>However, it&rsquo;s important to note that those who are eligible to purchase health insurance through a federal or state online marketplace under the Affordable Care Act and failed to meet the deadline can still purchase insurance under the exception for qualifying events, such as the birth of a child, job relocation, adoption and marriage.</p>
<h3>8. Not inquiring about discounts</h3>
<p>You may qualify for a premium discount because you join a wellness program offered by your employer or your health insurance plan. And inquire about the discount for becoming a nonsmoker.</p>
<h3>9. Using out-of-network providers</h3>
<p>If your favorite physician isn&rsquo;t within your policy&rsquo;s network, be prepared to fork over the extra cash. You can avoid this issue altogether by doing your research beforehand to ensure that your doctor is an in-network provider for the policy you select.</p>
<p>If your physician recommends you see a specialist, make sure the specialist is in your network too.</p>
<h3>10. Ignoring prescription drug coverage</h3>
<p>Do you routinely take prescription drugs for a medical condition? Failing to sign up for a policy that includes coverage for your medications can become very expensive. Review the policy to ensure that it includes a prescription benefit and your medications are on the list.</p>
<p>What health insurance mistakes have you made in the past that cost you a substantial amount of cash?</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://finance.yahoo.com/news/making-10-health-insurance-mistakes-144131890.html">Source</a></p>urn:uuid:49468ea1-44f6-46a2-81d8-75e1fe65d062http://www.nwinsurance.com/blog/high-economic-toll-of-traffic-crashes.aspxHigh Economic Toll of Traffic CrashesA report&nbsp;just released by the National Highway Transportation Safety Administration (NHTSA) puts a $277 billion price tag on the economic costs of traffic crashes in the United States in 2010,&nbsp;a 20 percent increase over its 2000 data. The e...Fri, 26 Feb 2016 13:00:00 -0600<p>A report&nbsp;just released by the National Highway Transportation Safety Administration (NHTSA) puts a $277 billion price tag on the economic costs of traffic crashes in the United States in 2010,&nbsp;a 20 percent increase over its 2000 data.</p>
<p>The economic costs are equivalent to approximately $897 for every person living in the U.S. and 1.9 percent of U.S. Gross Domestic Product, the NHTSA says, and based on the 32,999 fatalities, 3.9 million non-fatal injuries, and 24 million damaged vehicles that took place in 2010.</p>
<p>Included in these economic costs are lost productivity, medical costs, legal and court costs, emergency service costs (EMS), insurance administration costs, congestion costs, property damage and workplace losses.</p>
<p>When you add in the $594 billion societal cost of crashes, such as harm from the loss of life and pain and decreased quality of life due to injuries, the total impact of crashes is $877 billion.</p>
<p>It&rsquo;s interesting to note that the most significant components were property damage and lost market productivity. In dollar terms, property damage losses were responsible for $76.1 billion and lost productivity (both market and household) for $93.1 billion.</p>
<p>The NHTSA explains that for lost productivity, these high costs are a function of the level of disability that has been documented for crashes involving injury and death. For property damage, costs are mainly a function of the very high incidence of minor crashes in which injury does not occur or is negligible.</p>
<p>Another takeaway from the survey is the impact of congestion, which accounts for some $28 billion, or 10 percent of total economic costs. This includes travel delay, added fuel consumption, and pollution impacts caused by congestion at the crash site.</p>
<p>There&rsquo;s a separate chapter of the NHTSA report devoted to congestion impacts that includes some fascinating data.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.iii.org/insuranceindustryblog/?p=3683">Source</a></p>urn:uuid:ce67d46b-4fe8-4d36-b78d-fe21bc459b83http://www.nwinsurance.com/blog/who-really-dinged-your-spouses-car.aspxWho really dinged your spouse's carIf your husband or wife drives up with a brand new dent on the car, you might not get the truth about what happened. Some 35% of spouses admitted to dinging the family car, then telling their loved one that someone else did it, according to a new sur...Fri, 19 Feb 2016 11:00:00 -0600<h2>If your husband or wife drives up with a brand new dent on the car, you might not get the truth about what happened.</h2>
<p>Some 35% of spouses admitted to dinging the family car, then telling their loved one that someone else did it, according to a new survey by the insurance website insure.com.</p>
<p>Something similar occurs with traffic tickets. About a quarter of the roughly 1,000 married people surveyed said they'd gotten a traffic ticket and kept it secret from their spouse, the survey said.</p>
<p>Surprisingly, almost the same number kept mum about an actual car crash. These would, presumably, be relatively minor crashes, Insure.com editorial director Amy Danise said.</p>
<p>Husbands, meanwhile, tended to be overly suspicious of their wives when it comes to matters like this. While only 17% of wives said they'd covered up a car accident, 38% of husbands thought it possible their wives had done so, according to the survey. Similarly, only 16% of wives had kept a traffic ticket secret, but 32% of men thought their wives had.</p>
<p>Wives, on the other hand, trust their husband more than they should. While 31% of men said they had kept a car accident secret from their wives, only 23% of wives thought their men would ever do such a thing, the survey said. And while 34% of men kept traffic tickets secret from their wives, only 25% thought that was even possible.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://money.cnn.com/2013/04/17/autos/spouse-car-accident-lie/index.html?iid=SF_PF_River">Source</a></p>urn:uuid:6fd07654-feb1-4419-9408-f65e88e7f2aahttp://www.nwinsurance.com/blog/7-myths-about-life-insurance.aspx7 Myths About Life InsuranceLife insurance is kind of like the Rodney Dangerfield of financial planning. As one of most people&rsquo;s least favorite financial topics, it gets no respect.&nbsp;Yet, it&rsquo;s something that almost everyone needs and not having it when you need ...Fri, 12 Feb 2016 12:00:00 -0600<p>Life insurance is kind of like the Rodney Dangerfield of financial planning. As one of most people&rsquo;s least favorite financial topics, it gets no respect.&nbsp;Yet, it&rsquo;s something that almost everyone needs and not having it when you need it can be devastating to your family&rsquo;s well being. Here are some of the most common and dangerous myths about this often misunderstood product:</p>
<p><strong>1) Your employer-provided life insurance is all you need.</strong></p>
<p>Your employer may provide you with life insurance equal to 1-2 times your annual salary and you may even be able to purchase up to 4-6 times your salary. But there are several problems with that. First, your &ldquo;salary&rdquo; doesn&rsquo;t typically include commissions, bonuses, and second incomes. Second, to replace your income for dependents, you generally need at least 5-8 times your income and some experts even recommend 10-12 times.</p>
<p>Even if you do have enough insurance through your job, you may lose it when you leave. You may be able to convert your optional insurance to an individual policy or purchase one on your own but either way, it may be much more expensive than purchasing a policy today, especially if your health deteriorates.</p>
<p>Finally, you may actually be able to get a better deal on your own, especially if you&rsquo;re young and/or in above average health. Even if your employer&rsquo;s policy is initially cheaper, the cost may go up each year and you may not be able to take it with you when you leave, You can purchase an individual policy that locks in your rate for a period of time or allows you to build cash value if you want to keep the policy your whole life.&nbsp;Only include your employer&rsquo;s coverage in covering your needs if you can take it with you at affordable rates. Otherwise, consider it a&nbsp;<strong>&nbsp;</strong>bonus.</p>
<p><strong>2) Only the breadwinner needs life insurance.</strong></p>
<p>&ldquo;Imagine if something were to happen to the stay-at-home spouse in your family. The breadwinner may need to hire someone to clean and take care of the kids and that can cost a lot of money. Unless your family would have that extra income to spare, you may need life insurance on both spouses,&rdquo; advises Marvin Feldman, President and CEO of life insurance non-profit organization, Life Happens. Insurance on the stay-at-home spouse also gives the working parent the opportunity to take time off work and help the family adjust to their loss.</p>
<p><strong>3) Life insurance is really expensive.</strong></p>
<p>A&nbsp;recent study&nbsp;conducted by Life Happens and LIMRA, found that 25% of Americans said they need more life insurance but only 10% planned to purchase it within the next year. The main reason given was cost, with 63% saying that it&rsquo;s too expensive. However, 80% of them overestimated the cost. 25% thought that a $250k 20-year level term policy for a healthy 30-yr old would cost $1k a year or more when it actually would cost about $150.</p>
<p><strong>4) My health disqualifies me from life insurance.</strong></p>
<p>There are a lot of companies that cover a range of health conditions and some even specialize in high-risk cases. You can also purchase a policy that is not medically underwritten at all. Just be aware that&nbsp;they tend to be more expensive and have lower coverage limits.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.forbes.com/sites/financialfinesse/2014/06/06/7-myths-about-life-insurance/">Source</a></p>urn:uuid:280852ea-baaf-4079-862b-cba9ff635d04http://www.nwinsurance.com/blog/should-you-buy-inflation-protection-for-long-term-care-insurance.aspxShould You Buy Inflation Protection For Long-Term Care Insurance?Should you buy inflation protection for long-term care insurance? Absolutely. In fact, if you don&rsquo;t think you can afford that extra coverage, you should probably rethink whether you should buy the insurance at all. The issue of inflation protec...Fri, 05 Feb 2016 14:00:00 -0600<p>Should you buy inflation protection for long-term care insurance? Absolutely. In fact, if you don&rsquo;t think you can afford that extra coverage, you should probably rethink whether you should buy the insurance at all.</p>
<p>The issue of inflation protection was just one of the subjects that I, along with financial adviser Michael Kitces and insurance industry spokesman Jesse Slome, discussed on a&nbsp;<em><span>Wall Street</span>&nbsp;Journal</em>&nbsp;<span>webcast</span>&nbsp;on Monday. The&nbsp;<em>Journal&rsquo;s</em>&nbsp;Anne Tergesen wrote a&nbsp;<span>nice article</span>&nbsp;this week that also touched on the inflation issue.</p>
<p>There is a reasonable debate about how much additional coverage you should buy, but there is no doubt that nearly everyone should buy some. Here are just some reasons why:</p>
<p>Typically, buyers of long-term care insurance are in their 50s or early 60s. But you probably won&rsquo;t need substantial help with daily living until you are in your 80s. That means the cost of long-term services and supports&mdash;whether you receive care at home, in a nursing home, or in some other setting&ndash;will rise year after year&nbsp;for thirty years before you ever collect benefits.</p>
<p>As a result, what looks like a pretty good benefit today will be worth far less when you eventually make a claim.</p>
<p>How much less? Say you buy a three year policy that promises to pay $150-a-day (a bit more generous than a typical policy). Today, according to the&nbsp;<span>latest survey of long-term care costs</span>&nbsp;by ltc insurer Genworth, a private room in a nursing home averages $240-a-day, or nearly $88,000-a-year. Your $150-a-day policy would cover 58 percent of the cost and you&rsquo;ll pick up&nbsp;the additional $90 out of savings or retirement income.</p>
<p>That might be manageable. But if inflation averages 3 percent a year (the long-term average for the overall economy), in 30 years the purchasing power of that $150 will shrink to less than $62. Or to put it another way, that $240 daily cost of a nursing home bed would increase to $582. However you prefer to think about it, your insurance would cover only about one-quarter of your daily costs instead of nearly 60 percent.</p>
<p>It is true that&nbsp;inflation will&nbsp;also increase the size of your nest egg (in nominal dollars), but will you have the resources to pick up the difference?</p>
<p>Of course, there is no way to predict increases in long-term care costs over the next 30 years. The Genworth study and others like it provide some useful information but also can be misleading.</p>
<p>Here&rsquo;s one problem:&nbsp;Genworth reports that the median cost for that private nursing home room increased by an annual average of 4.19 percent over the past five years. But&nbsp;that was a period when we were slowly climbing out of the worst recession since the 1920s and many measures of inflation, including labor costs, remained stagnant. Thus, I&rsquo;d be very careful about using the last five years to predict the next 30.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.forbes.com/sites/howardgleckman/2014/04/16/should-you-buy-inflation-protection-for-long-term-care-insurance/">Source</a></p>urn:uuid:43449d0f-6121-419b-8b60-903eb08328dehttp://www.nwinsurance.com/blog/traffic-tickets-that-trigger-the-highest-car-insurance-rates.aspxTraffic Tickets That Trigger The Highest Car Insurance RatesIt&rsquo;s a simple and reasonably fair concept &ndash; all else being equal, safer and more careful drivers pay less for their car insurance than do those having multiple accidents and/or moving violations. How much? Depending on the infraction one&...Fri, 29 Jan 2016 12:00:00 -0600<p>It&rsquo;s a simple and reasonably fair concept &ndash; all else being equal, safer and more careful drivers pay less for their car insurance than do those having multiple accidents and/or moving violations. How much? Depending on the infraction one&rsquo;s rates can jump by as much as a whopping 93 percent for a single ticket, according to a recent national analysis conducted in San Francisco.</p>
<p>Driving under the influence of alcohol or drugs is cited as being the top ticket among the most common moving violations at the aforementioned 93 percent penalty (and that&rsquo;s on top of the cost of the ticket itself and any legal fees that might also be involved). Coming in a close second is reckless driving &ndash; a sort-of catch-all category used for serious infractions involving a wanton disregard for the rules of the road &ndash; which would be responsible for a still staggering 82 percent increase.</p>
<p>Lesser charges, from getting caught driving solo in a carpool lane to careless driving &ndash; piloting a car or truck without due caution in a manner that might cause damage or injury, from failure to yield right-of-way to talking on a cell phone while driving &ndash; will raise a drivers rates by an average of 18 to 27 percent. The most benign ticket would be a seatbelt use violation at a mere five percent upsurge in premiums. And these increases assume a hypothetical low-risk driver who otherwise boasts a clean record (see below).&nbsp; Those with a history of multiple violations and/or accidents might see their rates skyrocket beyond affordability or have their policies cancelled depending on the motoring misdeed.</p>
<p>Here&rsquo;s the list of &ldquo;unlucky seven&rdquo; top premium-busting traffic tickets:</p>
<p>1. DUI: 93 percent increase.</p>
<p>2. Reckless driving: 82 percent increase.</p>
<p>3. Careless driving &mdash; 27 percent increase.</p>
4. Speeding 1 to 15 mph over the limit: 21 percent increase.
<ul>
<li>16 to 30 mph over the limit: 28 percent increase.</li>
<li>31+ mph over the limit: 30 percent increase.</li>
</ul>
<p>5. Failure to stop: 19 percent increase.</p>
<p>6. Failure to yield to pedestrians: 19 percent increase.</p>
<p>7. Driving in a carpool lane: 18 percent increase.</p>
<p>Fortunately motorists with at least moderately good driving records can often avoid negative effects of lesser charges. Some carriers will &ldquo;forgive&rdquo; a minor offense for a policyholder in good standing with an otherwise pristine history, while many states offer special courses to keep many moving violations from landing on a driver&rsquo;s record. &ldquo;Drivers who commit moving violations can take safety classes to improve their skills and remove blemishes from their records. Many of these courses are offered online and can be completed in just a few hours. Otherwise, these infractions can lead to higher car insurance costs for up to three years.&rdquo;</p>
<p>Since some insurance companies are more tolerant of motorists having imperfect driving records than others, those facing a steep rate increase following a traffic violation or accident would be advised to shop around among multiple carriers to find one who&rsquo;s willing to offer a lower premium. Those who may not be able to find a better deal elsewhere should be sure they&rsquo;re taking advantage of all available discounts to help offset all or part of a rate increase. Most insurers will, for example, offer a discount for bundling house or apartment and auto insurance, and many will grant a rate reduction to policyholders who drive only a minimal number of miles each year and/or have special monitoring systems installed on their cars.</p>
<p>Also, consider raising deductibles for the comprehensive and collision portions of your policy, which cover physical damage to your car where another driver is not at fault. According to industry sources, boosting the deductible from $250 to $500 can shave around 30 percent off those sections of your car&rsquo;s coverage. If you&rsquo;re driving an older car that&rsquo;s worth only a few thousand dollars if totaled, you might want to roll the proverbial dice and eliminate this coverage altogether.</p>
<p>And if that doesn&rsquo;t do the trick, consider buying a make and model that&rsquo;s inherently cheaper to insure. Crossovers/SUVs and minivans tend to deliver the lowest average premiums, while luxury models and rip-roaring sports cars command the highest rates. All else being equal, costlier autos cost more to insure than cheaper models, simply because there&rsquo;s more money at stake for repairs or replacement.</p>
<p>Another &ndash; perhaps more drastic &ndash; solution would be to move to a state where drivers are inherently charged lower insurance rates, which can be affected by the level of competition among carriers and the percentage of uninsured and underinsured motorists on the roads (see our post on this topic). City dwellers could see big reductions in their premiums if they relocate to the sleepy suburbs.</p>
<p>Or better yet, stay sober, slow down, pay attention, and turn off the phone whenever you&rsquo;re behind the wheel to avoid being written a ticket in the first place.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.forbes.com/sites/jimgorzelany/2014/04/01/traffic-tickets-that-trigger-the-biggest-insurance-rate-boosts/">Source</a></p>urn:uuid:2a171eef-0f27-4b7e-93a3-c938b7bc6ce1http://www.nwinsurance.com/blog/get-married-save-on-car-insurance.aspxGet married, save on car insuranceDid you know that taking 15 minutes to get married could save you at least 15% on your car insurance? According to a report, a 20-year old married woman pays an average of 22% less for car insurance than her single counterpart. And a married 20-year...Fri, 22 Jan 2016 14:00:00 -0600Did you know that taking 15 minutes to get married could save you at least 15% on your car insurance?<br />
<br />
According to a report, a 20-year old married woman pays an average of 22% less for car insurance than her single counterpart. And a married 20-year-old man pays 20% less than his single friend of the same age.<br />
<br />
Your gender and age also significantly affect how much you pay, the report found.<br />
<br />
As people mature, gain experience and take on more responsibilities, they become safer drivers, Mike Barry, a spokesman for the Insurance Information Institute, says.<br />
<br />
Age is the biggest factor. At age 20, a single male driver will pay 49% more than a single man who is 25. An unmarried woman will pay 39% more at age 20 than at age 25.<br />
<br />
The lowest premiums are charged to drivers at age 60. After that, premiums start to creep up again. By the time a single man is 75, for example, he's paying 20% more than a single man at age 60.<br />
<br />
Gender discounts are not as large, but insurers do charge women much less than men during the first years they're on the road.<br />
<br />
A 20-year-old woman pays 19% less than a man the same age. By the time they're both 25, the gender difference drops to 4% and narrows through age 30. After that, men pay slightly lower premiums.<br />
<br />
"Insurers price their policies to reflect the claims risk," said Barry. "They look at claims filings and arrive at conclusions as to who is likely to file more -- and more expensive -- claims."<br />
<br />
Shopping around can help cut costs, according to Adams.<br />
<br />
"In addition to regularly comparing at least three quotes from different insurers, consumers should review potential discounts with their current insurer," she said. "This is even more important for younger drivers because they tend to pay the highest rates."<br />
<br />
Students who carry a "B" average or better may qualify for discounts of up to 20%, depending on their carrier, she said. They can also reduce their premiums by raising the deductible they pay.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://money.cnn.com/2014/04/10/pf/insurance/car-insurance/index.html?iid=SF_PF_Lead">Source</a></p>urn:uuid:2d76ecc6-bb0a-426e-a6e6-90e4df744d23http://www.nwinsurance.com/blog/13-times-when-life-insurance-may-cost-more.aspx13 Times When Life Insurance May Cost MoreYou probably need life insurance. Lots of people do. If you have small children, a mortgage, a spouse who&rsquo;s dependent on your income&mdash;or any person who would be inconvenienced financially if you were hit by a bus tomorrow, you probably sho...Fri, 15 Jan 2016 15:00:00 -0600<p>You probably need life insurance. Lots of people do.</p>
<p>If you have small children, a mortgage, a spouse who&rsquo;s dependent on your income&mdash;or any person who would be inconvenienced financially if you were hit by a bus tomorrow, you probably should have life insurance.</p>
<p>Experts generally recommend buying 10 to 20 times your annual income in term life insurance, which is the most affordable variety. You make $50,000? Great. You should probably have at least $500,000 in life insurance.</p>
<p>Luckily, it&rsquo;s not prohibitively expensive. A 40-year-old healthy nonsmoking male may be able to buy a 20-year level term $500,000 policy for as low as $350 per year, AccuQuote.com estimates. (&ldquo;Level term&rdquo; simply means the annual premium will stay the same for the term of the policy&mdash;in this case, 20 years.)</p>
<p>But there are a variety of things that could make your life insurance policy pricier, from health conditions to hobbies to lifestyle choices. Here are some of the top offenders:</p>
<p>1. <strong>Tobacco use</strong>. If that same healthy 40-year-old male admitted to being a smoker, his annual premium could jump to at least $1,535, according to numbers fromAccuquote.com. Stop smoking, meanwhile, and it will take one year before you can get a nonsmoker discount, but you won&rsquo;t get a top-tier price until you&rsquo;ve been cigarette-free for at least three years. &ldquo;They want to be really sure you&rsquo;re off it,&rdquo; says AccuQuote founder and C.E.O. Byron Udell. That said, if you need life insurance now, go ahead and pay the higher premium&mdash;and when you&rsquo;ve stopped smoking, call your insurer and see if you can lock in the lower price.</p>
<p>2. <strong>Your weight</strong>. Being overweight increases your odds of dying, so the more overweight you are, the more expensive your life insurance will be. Depending on the carrier, as little as 10 to 15 pounds may be enough to knock you out of the top pricing tier, Udell says.</p>
<p>3. <strong>Your driving record</strong>. A couple of recent tickets aren&rsquo;t going to seriously raise your annual premiums, but if you have more than two moving violations in the last three years, you likely won&rsquo;t be able to get the best life insurance rates. &ldquo;Insurers know that each time you get a speeding ticket, you were probably speeding about 250 times before you got caught,&rdquo; Udell says. &ldquo;If you&rsquo;re routinely violating traffic laws, there&rsquo;s a much greater likelihood you&rsquo;re going to die in a traffic accident.&rdquo;</p>
<p>4. <strong>Cardiovascular disease</strong>. This includes high blood pressure and other heart issues, which can lead to early death. &ldquo;Sometimes they&rsquo;ll write a life insurance policy with an exclusion for heart conditions,&rdquo; says LearnVest Planning Services Certified Financial Planner&trade; Katie Brewer. &ldquo;So they&rsquo;ll give you insurance, but exclude you if you die of a heart condition.&rdquo; If you have high blood pressure, but it&rsquo;s controlled by medication, you should have no major problems. That means you can&rsquo;t show up to your insurance exam with a blood pressure of 145 over 95, Udell says. &ldquo;That&rsquo;s not controlled. It&rsquo;s the high blood pressure itself, not the medication, that concerns them.&rdquo;</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.forbes.com/sites/learnvest/2014/02/28/13-times-when-life-insurance-may-cost-more/">Source</a></p>urn:uuid:fbe3c510-c077-4977-a612-2dbcd3012204http://www.nwinsurance.com/blog/meet-the-2015-insurance-fraud-hall-of-shame-inductees.aspxMeet the 2015 Insurance Fraud Hall of Shame inducteesIt's time to unveil the newest dishonorees of the Insurance Fraud Hall of Shame; the perpetrators of the year's most brazen, vicious or just plain klutzy insurance misadventures. All of these extreme schemers were convicted or had other legal closure...Fri, 08 Jan 2016 12:00:00 -0600<p>It's time to unveil the newest dishonorees of the Insurance Fraud Hall of Shame; the perpetrators of the year's most brazen, vicious or just plain klutzy insurance misadventures. All of these extreme schemers were convicted or had other legal closure in the last year.</p>
<p>The No-Class of 2015 adds new extreme schemers to the pantheon of purloining created by the Coalition Against Insurance Fraud. The newest moguls of mayhem blew up neighborhoods, conducted painful quack surgery on healthy people and tried to kill puppies as part of their efforts to defraud insurers.</p>
<p>Recounting such real-life cases helps to shape public opinion against fraud and deter would-be fraudsters while building greater societal intolerance of the crime. The shamers thus publicly brand insurance fraud as a deviant crime and dead-end street.</p>
<p>Their plots attract consumer attention in an era of extreme message overload. Consumers are exposed to about 360 ads per day, receive 93 emails and spend 593 minutes a day on various media. Typical social-media users also consume 285 pieces of content daily. That's 54,000 words, and as many as 1,000 clickable links plus about 443 minutes of video.</p>
<p>The shamers are highly clickable, year in and year out. Here are this year's entrants to the Hall of Shame.</p>
<p><strong>Mark Leonard</strong><br />
<br />
Stuck with gambling habits and debts, Leonard wanted to burn down his home for a $300,000 insurance payday. He botched the plot. The gasoline and escaping natural gas he built up exploded like a drone strike. The blast leveled much of the Indianapolis subdivision, causing causing $5 million in damage. It was one of the most-violent insurance arsons in U.S. history.<br />
<br />
Dion and Jennifer Longworth lived next door. Jennifer died when the second floor pancaked, and Dion was burned alive in the basement. Dozens of other neighbors were injured. Leonard received life without parole.</p>
<p><strong>Mikhail Zemlyansky</strong><br />
<br />
Fraud fighters took down the largest no-fault auto scheme ever charged. It was an attempted $279 million thievery from auto insurers. Zemlyansky's fraud cartel made dodgy injury claims involving real and phantom car wrecks in the New York City area. Most operatives were of Russian descent.<br />
<br />
Among his gang members were 10 doctors and three lawyers helping to run an archipelago of sham clinics. Patients were given rubber-stamped &ldquo;modality treatments&rdquo; which included physical therapy or acupuncture, often up to five times a week for each patient.<br />
<br />
Zemlyansky's gang also billed insurers for fake crashes. Personal injury lawyers sued insurers after coaching patients on how to mimic symptoms of injuries. Most of his gang pleaded guilty. Zemlyansky awaits sentencing and could receive a century in prison. (See the September 2015 issue of Claims for the full story on Zemlyansky.)</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.propertycasualty360.com/2015/12/02/meet-the-2015-insurance-fraud-hall-of-shame-induct?page_all=1">Source</a></p>urn:uuid:08761249-37ee-417d-9eb8-9d4d1f4daca3http://www.nwinsurance.com/blog/why-start-a-new-year-out-strong-but-not-end-it-that-way.aspxWhy Start a New Year Out Strong but Not End It That Way?Every year, we do it on the same day at the same time. The instant the calendar changes from the old year to the new one, we convince ourselves that this year will be different. We&rsquo;re going to do everything we didn&rsquo;t do in the past. It&rs...Thu, 31 Dec 2015 09:00:00 -0600<p>Every year, we do it on the same day at the same time. The instant the calendar changes from the old year to the new one, we convince ourselves that this year will be different. We&rsquo;re going to do everything we didn&rsquo;t do in the past. It&rsquo;s such a predictable ritual that it&rsquo;s become part of our DNA.</p>
<p>Good faith efforts rarely work, since &ldquo;stuff&rdquo; gets in our way and throws us off course. How to end the year with the same drive and resolve that we started with is the big question. Here are seven actions that can help:</p>
<p>Pull the Defensive Plug. For example, many insurance agents are convinced that consumers want the personal attention and the choices a local, independent agent gives them. While such thinking is understandable, it&rsquo;s also a defense that inhibits coming up with innovative responses to the loss of their bread-and-butter auto insurance business to online sales. From all indications, that trend is increasing and expanding into homeowners and small business insurance. It&rsquo;s true everywhere. If we want to be open to new ideas, then pulling the defensive plug is one place to start.</p>
<p>Can the Knee-Jerk Negativism. No Apple product has been as consistently panned as has the Apple Watch. But Noor Naseer, director of digital innovations, mobile at Centro, doesn&rsquo;t agree.<br />
<br />
&ldquo;While consumers may not know exactly what they uniquely want or need from these tiny screens, they similarly didn&rsquo;t know a decade ago that they would be waking up and going to bed (and going to the bathroom) with smartphones continuously by their side,&rdquo; she wrote in Mobile Marketing Daily.<br />
<br />
Sure, some things fail and others do work out well, but it&rsquo;s not because of knee-jerk negativism.</p>
<p>Eliminate Excuses. When the company president pointed out the steady decline in consumer equipment sales over the last several years, the sales manager explained it was due to market saturation. Yet, when the issue was analyzed more carefully, the facts were quite different. Excuses may make us feel better, but they also blind us to new opportunities.</p>
<p>Question Your Customer Assumptions. &ldquo;We know our customers and what they want&rdquo; are arguably the most dangerous words in business. Yet, many companies continue to base marketing and sales decisions on anecdotal evidence that&rsquo;s unreliable at best.<br />
<br />
Why would a company drag its feet on gathering and analyzing customer data so it can learn everything about their preferences and buying behavior? In some cases it&rsquo;s just plain old lethargy. But, more often than not companies can behave like individuals: knowledge upsets the status quo and puts new demands on the organization to embrace change. It&rsquo;s much easier to say, &ldquo;We know what our customers want.&rdquo;</p>
<p>A new year is no reason to assume that it will somehow be better than the one just ending. Whether it&rsquo;s a company or an individual, it takes the right strategy to make sure the end is even better than the beginning.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.insurancejournal.com/magazines/features/2015/11/16/388574.htm">Source</a></p>urn:uuid:2ff7a951-3999-4b1b-8656-c62d66eecffchttp://www.nwinsurance.com/blog/is-your-company-hosting-a-holiday-party-10-ways-to-protect-your-business.aspxIs Your Company Hosting a Holiday Party? 10 Ways to Protect Your BusinessIt is the holiday season, a time for office parties and charity events. While gatherings can provide opportunities for professionals to mingle casually with their co-workers and clients and can help boost employee morale, they can also prove to be a ...Tue, 22 Dec 2015 09:00:00 -0600It is the holiday season, a time for office parties and charity events. While gatherings can provide opportunities for professionals to mingle casually with their co-workers and clients and can help boost employee morale, they can also prove to be a liability for businesses that serve alcohol. That is why businesses should take reasonable precautions to prevent any risks and financially protect themselves by making sure they have the proper insurance, warned the Insurance Information Institute (I.I.I.).<br />
&nbsp;<br />
Forty-four states plus the District of Columbia have enacted liquor liability laws. These laws make it possible for a plaintiff to hold those who serve alcohol to an intoxicated or underage person responsible for any damage or injury caused by these same individuals after they leave the party. Most of these laws also offer an injured person, such as the victim of a drunk driver, a method to sue the person who served the alcohol. There are circumstances under these same state laws where criminal charges may also apply.<br />
&nbsp;<br />
Liquor liability laws were intended originally to apply to taverns, bars, and other establishments selling and serving alcohol. However, the liability laws have expanded over time to include &ldquo;social hosts&rdquo; (such as those holding a holiday party in their home or business) in some states giving them some exposure to the risk of liability for serving alcohol.<br />
&nbsp;<br />
&ldquo;In many states you can be held legally responsible for your employees&rsquo; actions after they leave the party,&rdquo; said Loretta Worters, vice president of the I.I.I. &ldquo;If you are throwing an office party where alcohol is served, you have a responsibility to make sure that your employees are capable of driving safely.&rdquo;<br />
&nbsp;<br />
Worters noted that when business owners host a holiday party and serve alcohol as part of the festivities, liquor liability would most likely be covered by their commercial general liability (CGL) policy. &ldquo;It&rsquo;s best to check with your insurance agent or broker first,&rdquo; she said, adding, that &ldquo;if an employee becomes intoxicated and assaults another employee at the party, the incident might be excluded under the CGL policy.&rdquo;<br />
&nbsp;<br />
In addition to a CGL policy, businesses should also consider purchasing an Employment Practices Liability Insurance (EPLI) policy. An EPLI policy will protect a business from discrimination, sexual harassment, emotional distress, and other workplace-related issues. When you buy the coverage, make sure it includes &ldquo;third-party&rdquo; coverage. Third-party coverage refers to claims made by non-employees, usually clients or customers, who allege that an employee engaged in wrongful conduct such as sexual harassment or discrimination. This can be important coverage, for example, if someone in management has had too much to drink and makes an inappropriate overture to a client or customer. Without a specific policy endorsement for third-party claims, EPLI policy forms do not cover these types of exposures.<br />
&nbsp;<br />
&ldquo;Even innocent flirting or touching can be misconstrued and result in a lawsuit,&rdquo; explained Worters.&nbsp;<br />
&nbsp;<br />
In addition to overtly inappropriate behavior, if someone puts a video clip or picture on YouTube or Facebook that could result in reputational harm, it is also covered under an EPL policy.<br />
&nbsp;<br />
Over the years, office parties have changed considerably. Alcohol used to flow freely, and employers would sometimes overlook inappropriate conduct, explaining away bad party behavior without taking any action. Today, lawsuits are so rampant that some companies have concluded office parties involving alcohol are not worth the risk.&nbsp;<br />
<br />
<strong>How to Protect Your Business</strong><br />
If you plan to host a holiday party at which you will be serving alcohol, the I.I.I. offers the following tips to prevent a lawsuit:<br />
<br />
<ol>
<li><em>Advise employees to be responsible</em>. Include a statement on the party invitation and/or circulate a written reminder to all concerned on the responsibilities to drink only in moderation and to avoid driving after drinking.</li>
<li><em>Emphasize to management that they must lead by example.</em></li>
<li><em>Hold the party at an offsite location</em>. If problems do arise, it is better that they occur away from the business premises. <em>Depending on the state, the liability will generally be on the restaurant than the company.</em> However, it is not unusual for an employer to be named as a defendant in a civil lawsuit if an intoxicated employee leaves any company-sponsored event and injures himself or herself or another person as a result.</li>
<li><em>Do not pay for alcoholic drinks.</em> Guest will drink less if they have to pay for the drinks themselves.</li>
<li><em>If you feel you must furnish alcoholic beverages, consider a drink voucher system</em> to limit the number of drinks served. Or, serve alcohol for only a short period.</li>
<li><em>Consider hiring a professional bartender.</em> Most bartenders are trained to recognize signs of intoxication and will limit consumption by partygoers.</li>
<li><em>Offer non-alcoholic beverages and always serve food. </em>It is proven that food can help counter the effects of alcohol.</li>
<li><em>Do not serve alcohol to minors.&nbsp;</em></li>
<li><em>Stop serving liquor toward the end of the evening</em> and switch to coffee, tea and soft drinks.</li>
<li><em>Arrange alternative transportation.</em> Anticipate the need for alternative transportation for all employees and guests and make special transportation arrangements in advance of the party. Encourage all employees and guests to make use of the alternative transportation if they consume any alcohol.</li>
</ol>
<div><br />
Worters advised business owners to talk with their insurance agent or company representative about their liability insurance coverage and any exclusions, conditions or limitations to their policies for this kind of risk. &ldquo;Appropriate liability insurance coverage is necessary. In some cases special event coverage may be available that will cover both liquor liability and other liability exposures specific to the event.&rdquo;<br />
</div>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="http://www.iii.org/press-release/is-your-company-hosting-a-holiday-party-iii-offers-10-ways-to-protect-your-business-122211" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:7d6a8f8a-bb9f-4a61-a9e3-dea84ebd1db8http://www.nwinsurance.com/blog/women-and-long-term-care-insurance.aspxWomen And Long-Term Care InsuranceIn recent months, major insurers have adopted &ldquo;gender distinct&rdquo; rates for new coverage. Translation: If you&rsquo;re a woman, you&rsquo;ll now pay more than a man for the same coverage. Rates for single women rose 20 to 40% last year, whi...Fri, 18 Dec 2015 11:00:00 -0600<p>In recent months, major insurers have adopted &ldquo;gender distinct&rdquo; rates for new coverage. Translation: If you&rsquo;re a woman, you&rsquo;ll now pay more than a man for the same coverage.</p>
<p>Rates for single women rose 20 to 40% last year, while rates for single men fell 15%, says Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI) in Westlake Village, Calif. For couples, who pay blended rates, premiums rose 3%.</p>
<p>Here&rsquo;s an example: If you&rsquo;re a 55-year-old woman in good health, you&rsquo;ll pay an average of $1,225 a year for a new policy providing $164,000 in benefits, without any built-in inflation protection. A man of the same age and health with the same coverage would pay $300-a-year less, according to the AALTCI 2014 Long-Term Care Insurance Price Index.</p>
<p>The difference in premiums is even greater if you buy a policy whose benefits grow with inflation, which many experts recommend. A 55-year-old healthy man would pay $1,765 a year for that same policy with 3% inflation protection, but a woman might pay over $2,300 annually.</p>
<p>Why are women now paying more than men for long-term care policies? Longevity.</p>
<p>Women typically live five to seven years longer than men, which means they&rsquo;d need benefits for more years. &ldquo;So, it makes sense that they would pay more than a man,&rdquo; says Slome. &ldquo;Prices for insurance are based on risk, which is why men pay more than women for life insurance and bad drivers pay more than good drivers for car insurance,&rdquo; he says.</p>
<p>A Fight to Overturn New Pricing</p>
<p>But women are pushing back.</p>
<p>Last month, The National Women&rsquo;s Law Center (NWLC) filed complaints with the U.S. Health and Human Services Department&rsquo;s Office for Civil Rights against leading long-term care insurer Genworth Financial and three others &mdash; John Hancock, Transamerica and Mutual of Omaha. The group maintains that gender-based premiums violate a provision of the Affordable Care Act that bans sex discrimination in health care.</p>
<p>&ldquo;Women already have a hard enough time making ends meet, earning only 77 cents for every dollar earned by men,&rdquo; says NWLC Vice-President and General Counsel Emily Martin. &ldquo;With lower wages to begin with, women simply can&rsquo;t afford to pay 20 to 40% more than men for the same long-term care insurance.&rdquo;</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.forbes.com/sites/nextavenue/2014/02/20/women-and-long-term-care-insurance/">Source</a></p>urn:uuid:20afd2f8-ec98-45fd-8446-c9e222935f1ehttp://www.nwinsurance.com/blog/5-household-items-you-should-insure.aspx5 Household Items You Should InsureYou probably don't think about it until happens. How many assets do you own that are high-value items either in terms of monetary or sentimental value? Your homeowner's insurance doesn't cover everything you own and the items it does cover are only p...Fri, 11 Dec 2015 10:00:00 -0600<p>You probably don't think about it until happens. How many assets do you own that are high-value items either in terms of monetary or sentimental value? Your homeowner's insurance doesn't cover everything you own and the items it does cover are only partially insured if they're high-priced items. Here are a few items you should consider insuring beyond your normal policy.</p>
<h2>
Jewelry</h2>
<p>
Your homeowner's or renter's insurance policy may already cover your jewelry, but most policies have a limit well below the value of more expensive pieces. First, have the jewelry appraised and then add it to your policy or purchase a separate policy or rider.</p>
<h2>
Computer Equipment</h2>
<p>
What is the purpose of your computer equipment? If it's for personal use, it will already be covered much like your jewelry. If it's for business use, your employer likely has a policy covering the equipment. If you're self-employed, you need a policy that covers your business assets.</p>
<h2>
Artwork</h2>
<p>
If the artwork stays on your wall, insure it with a supplemental policy if your homeowner's or renter's insurance doesn't cover it completely. If the art is ever on public display, purchase a public liability policy to protect the piece from damage.</p>
<h2>
Specialty Tools</h2>
<p>
If you're a mechanic or work in a trade that requires specialty tools, look to your homeowner's or renter's policy for guidance or include the tools in your business insurance coverage if they're stored at your home but primarily used for your business.</p>
<h2>
Pets</h2>
<p>
No animal lover wants to treat his or her beloved friend as property, but most laws see animals as something you own. Insurances related to pets include health and liability insurance. Did you know that, depending on the breed, your pet may be excluded from your homeowner's policy?</p>
<p style="text-align: right; font-style: italic; font-size: 0.8em;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.investopedia.com/slide-show/household-items/?article=1">Source</a></p>urn:uuid:40286da9-e8d8-4de0-9397-eb14193f50behttp://www.nwinsurance.com/blog/common-home-security-mistakes.aspxCommon Home Security MistakesIf you and the guy who wants to steal your television sat down to shoot the breeze, what would you ask him? The chance to pick a burglar&rsquo;s brain could certainly give you some ideas for home security upgrades, but it&rsquo;s not a very common op...Fri, 04 Dec 2015 10:00:00 -0600<p>If you and the guy who wants to steal your television sat down to shoot the breeze, what would you ask him?</p>
The chance to pick a burglar&rsquo;s brain could certainly give you some ideas for home security upgrades, but it&rsquo;s not a very common opportunity. So, we created some fictional burglar monologues (based on real research). Listen up, because over two million burglaries occur each year in the United States (one every 15 seconds)! Here are a few things your neighborhood thief doesn&rsquo;t want you to know.
<div></div>
<p>If you&rsquo;re already convinced that your home could use some extra security, here are seven effective ways to protect your house:</p>
<h3>1. Ladders Are Awesome</h3>
<p><em>Every time I see a ladder hiding behind a shed or leaning against a house, my heart does a little jig. Do you know how easy it is to crawl through a second-story window with a ladder? Plus, you probably aren&rsquo;t stressed about locking your second-story window when your front door is dead-bolted.</em></p>
<p><strong>Takeaway:</strong> Keep all of your windows and doors locked tight when you&rsquo;re out of the house, and hide the ladder in your garage or in a shed when it&rsquo;s not in use!</p>
<h3><strong>2. Your Trash Reads Like a Catalog</strong></h3>
<p><em>Where did your brand-new flat screen&rsquo;s box go? That&rsquo;s right &ndash; it went in the trash. So I can dig through your trash and find out exactly what&rsquo;s in your house. It&rsquo;s easy as pie to know which homes to hit up &ndash; especially around the holidays!</em></p>
<p><strong>Takeaway: </strong>Never leave boxes of expensive items on the curb. If possible, take them directly to a trash center.</p>
<h3><strong>3. Newspaper Piles Are a Dead Giveaway</strong></h3>
<p><em>Who lets newspapers pile up and their mailbox overflow? People on vacay, that&rsquo;s who. A house that&rsquo;s obviously empty is a house I&rsquo;m going to think pretty seriously about robbing.</em></p>
<p><strong>Takeaway:</strong> Before you leave for vacation, call the post office and ask to them to hold your mail during the dates that you&rsquo;re away. You&rsquo;ll be able to pick it up when you&rsquo;re back in town. If you enjoy cracking open a newspaper in the morning and have&nbsp;<em>The Times&nbsp;</em>delivered every day, call the paper and have it halted while you&rsquo;re gone.</p>
<h3><strong>4. Untrimmed Bushes and Dark Areas Are Perfect Hiding Spots</strong></h3>
<p><em>The more overgrown your bushes are, the more likely I&rsquo;ll want to hide in them &ndash; especially if they&rsquo;re near windows! No motion detectors to set off exterior lights? Even better! That way, I can case your home and you won&rsquo;t notice me.</em></p>
<p><strong>Takeaway: </strong>Make sure your bushes and trees are neatly trimmed so they don&rsquo;t double as hiding spots! It may also be worth installing outdoor motion detector lights near exterior doors and windows for some added security.</p>
<p style="text-align: right; font-style: italic; font-size: 0.8em;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="https://brightnest.com/posts/conversations-with-a-burglar-7-common-home-security-mistakes">Source</a></p>urn:uuid:b08461d8-c8fc-4f5d-a5e8-1af16403162ehttp://www.nwinsurance.com/blog/renting-a-car-for-thanksgiving.aspxRenting a Car for Thanksgiving?With so many people traveling to visit family friends over Thanksgiving, there are likely to be long lines at rental car companies across the country, Properly insuring a rental car can be tricky. Unfortunately, many consumers don't even think about ...Wed, 25 Nov 2015 17:52:00 -0600With so many people traveling to visit family friends over Thanksgiving, there are likely to be long lines at rental car companies across the country, Properly insuring a rental car can be tricky. Unfortunately, many consumers don't even think about car rental insurance until they get to the counter, which can result in costly mistakes, according to the Insurance Information Institute (I.I.I.).<br />
<br />
"Whether or not to buy rental car insurance or any other insurance product should not be a snap decision," says Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. "Unfortunately, with long lines at car rental counters during the holiday season, some people panic when asked if they would like to buy or decline car rental insurance. Faced with a number of choices, some renters either purchase all of the coverage or they decline the insurance without knowing if they are covered by other policies. This can result in the consumer either wasting money by purchasing unnecessary coverage or being dangerously underinsured."<br />
<br />
Before renting a car, the I.I.I. suggests that you make two phone calls-one to your insurance agent or company representative and another to the credit card company you will be using to pay for the rental car.<br />
<ol>
<li><strong>Insurance Company</strong><br />
Find out how much coverage you currently have on your own car. In most cases, whatever coverage and deductibles you have on your own car would apply when you rent a car, providing you are using the car for pleasure and not for business. Remember, if you have dropped either comprehensive or collision on your own car as a way to reduce costs, you will not be covered if your rental car is stolen or damaged in an accident. In this case, you may want to purchase the collision damage waiver from the car rental company.&nbsp;</li>
<li><strong>Credit Card Company</strong><br />
Insurance benefits offered by credit card companies differ by both the company and/or the bank that issues the card, as well as by the level of credit card used. For instance, a platinum card may offer more insurance coverage than a gold card. To know exactly what type of insurance you have, call the 800 number on the back of the card you will be using to rent the car. If you are depending on a credit card for insurance protection, ask the card company or bank to send you their coverage information in writing. In most cases, credit card benefits are secondary to either your personal insurance protection or the insurance offered by the rental car company. If you have more than one credit card, consider calling each one to see which offers the best insurance protection and travel assistance services.</li>
</ol>
<strong>At the Rental Car Counter</strong><br />
Since insurance is state regulated, the cost and coverage will vary from state to state. Consumers, however, can generally choose from the following coverages:<br />
<ol>
<li><strong>Collision Damage Waiver</strong><br />
Sometimes referred to as a loss damage waiver, this is not technically an insurance product. Collision damage waivers do, however, relieve or "waive" renters of financial responsibility if their rental car is damaged or stolen. In most cases, waivers also provide coverage for "loss of use," in the event the rental car company charges the renter for the time a damaged car can't be used because it is being fixed.&nbsp;<br />
<br />
Waivers, however, may become void if the accident was caused by speeding, driving on unpaved roads or driving while intoxicated. If you have comprehensive and collision coverage on your own car, you may not need this additional protection, which generally costs between $9 and $19 a day.&nbsp;</li>
<li><strong>Liability Insurance</strong><br />
Provides liability protection for up to $1 million. Rental companies are required by law to provide the state required amount of liability insurance. Generally, these amounts are low and do not provide much protection. If you are adequately insured on your own car, you may consider forgoing this additional liability protection. If you feel more comfortable with this supplemental insurance, it will cost between $7 and $14 a day. However, an umbrella liability policy may be more cost-effective. This provides an additional million dollars worth of liability protection for accidents while driving your own car or one that you rent. Umbrella liability costs between $200 and $300 annually.</li>
<li><strong>Personal Effects Coverage</strong><br />
Provides insurance for the theft of items in your car. If you have a home or renters insurance policy, you are generally covered for theft of your belongings away from home, minus the deductible. Generally, this coverage costs between $1 and $4 a day. If you frequently travel with expensive items such as jewelry or sports equipment, it may be more cost-effective to purchase a floater under your home or renters insurance policies. This way, the items are fully protected with insurance at home as well as while traveling.</li>
</ol>
<br />
If you don't own a car and are a frequent car renter, you may consider purchasing a non-owner liability policy. This not only provides liability protection when you rent a car, but also when you borrow someone else's car.<br />
<br />
If you are planning to rent a car outside the United States, find out what the insurance requirements are in the country you will be visiting and purchase the necessary coverage. Talk to your travel agent and insurance agent or company representative before you get there and bring a proof of insurance coverage in the U.S., if appropriate.<br />
<br />
States have minimum age requirements to rent a car and some rental car companies now investigate your driving record and/or credit history; check with the rental car company before picking up the car.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.iii.org/press-release/renting-a-car-for-thanksgiving-112006">Source</a></p>urn:uuid:ab3ea348-3582-4520-9d81-63a0a0182f2dhttp://www.nwinsurance.com/blog/smart-places-to-hide-your-spare-key.aspxSmart Places to Hide Your Spare KeyA friendly reminder: Hiding a spare key underneath your welcome mat is not sneaky. It&rsquo;s obvious. So, try one of these smarter key-hiding tactics! The Brick Trick.&nbsp;We&rsquo;re all for a&nbsp;well-maintained brick walkway, but one small chin...Fri, 20 Nov 2015 12:00:00 -0600A friendly reminder: Hiding a spare key underneath your welcome mat is not sneaky. It&rsquo;s obvious. So, try one of these smarter key-hiding tactics!<br />
<p><span style="color: #46a088;"><strong>The Brick Trick.&nbsp;</strong></span>We&rsquo;re all for a&nbsp;well-maintained brick walkway, but one small chink in the mortar can be good news! Put the brick blemish to good use: if there&rsquo;s enough space for a key, wedge it in there. Just make sure the key fits in such a way so that it&rsquo;s both inconspicuous and easy-to-remove.</p>
<p><span style="color: #d65981;"><strong>The Car Secret.&nbsp;</strong></span>A burglar is most likely to try and break in when you (and your car) aren&rsquo;t at home. So hide your key&nbsp;<em>in</em>&nbsp;your car! There are a lot of lock boxes on the market for a spare car key, but they work just as well for house keys. Or simply hide the key inside of your car. There are certainly some flaws to this method (no car, no keys), but it&rsquo;s still worth considering.</p>
<p><span style="color: #ffa331;"><strong>The Wind-Chime Method.&nbsp;</strong></span>What do burglars hate? Noise! That means that if a potential robber is searching for a spare key, they&rsquo;re probably not going to go digging inside your wind chimes.&nbsp;<strong>Tip:</strong>&nbsp;To make this method even more secure, replace the wind chimes&rsquo; &ldquo;knocker&rdquo; with an entire ring of decoy keys. Even if a burglar finds them, they&rsquo;ll have to sort through the decoys.</p>
<p><span style="color: #9aae36;"><strong>The Neighbor Switcheroo.&nbsp;</strong></span>A fake rock at your house may not be a great hiding place, but a fake rock at your neighbor&rsquo;s house? We think that&rsquo;s a strong spot. Obvious key-hiding places &ndash; like under a doormat, flowerpot or key rock &ndash; are only obvious if the key fits the door. So to fool burglars, hide your house key at your neighbor&rsquo;s house.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="https://brightnest.com/posts/2x4-four-smart-places-to-hide-spare-keys">Source</a></p>urn:uuid:d23907a2-1b7b-48b4-befc-b677cbe5c39chttp://www.nwinsurance.com/blog/auto-insurance-rates-in-families-with-teen-drivers.aspxAuto insurance rates in families with teen driversParents are paying premiums up to 71 percent higher in the state because of these younger motorists. Parents of teen drivers in Texas are watching their auto insurance premiums skyrocket as they add their adolescent children to their policies, causin...Fri, 13 Nov 2015 10:00:00 -0600<h2>Parents are paying premiums up to 71 percent higher in the state because of these younger motorists.</h2>
<p>Parents of teen drivers in Texas are watching their auto insurance premiums skyrocket as they add their adolescent children to their policies, causing them to have to pay an average of 71 percent more than they used to.</p>
<h3>The parents in the state are finding the family premiums to become suddenly more difficult to afford.</h3>
<p>When teens are old enough to obtain their driver&rsquo;s license, it is one of the most important and exciting parts of their lives. However, parents are now finding that the auto insurance premiums that they need to pay in Texas can make it much more difficult for them to be able to provide their adolescent children with the independence that they crave.</p>
<p><strong>What Texas parents may not realize, however, is that the increase in auto insurance premiums is lower there than most of the country.</strong></p>
<p>Although a married couple may suddenly find themselves paying 71 percent more in Texas when they add their teen to their auto insurance policy, the average across the country is 84 percent, which is notably higher. In fact, Texas sees the ninth lowest rates in the country when it comes to teens being added to family coverage.</p>
<p>In Arkansas parents are paying the highest auto insurance increases when they add their teens to their policies, as they watch their premiums skyrocket by 116.34 percent. Similarly, Utah parents face increases of 114.62 percent when their kids start to drive. Wyoming isn&rsquo;t much lower, with a raise of 112.11 percent for teens added to family policies. In Alabama there is a 110.6 percent increase, while in Idaho it jumps by 106.74 percent.</p>
<p>On the exact opposite end of the scale, it is in Hawaii that parents see the smallest change in the expense added to their policies when their teens join the coverage. Their cost rises by only 18.1 percent, because the law in the state does not allow auto insurance companies to consider gender, age, or length of driving experience as a part of their premiums calculations.</p>
<p style="text-align: right; font-style: italic; font-size: 0.8em;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.liveinsurancenews.com/auto-insurance-rates-in-texas-higher-in-families-with-teen-drivers/8528005/">Source</a></p>urn:uuid:ed74e067-0725-468f-9ea7-eb0ca9723417http://www.nwinsurance.com/blog/things-that-spike-your-auto-insurance.aspxThings That Spike Your Auto InsuranceYou may already know the importance of shopping around to score the best rate on your auto insurance premiums, but did you know that certain factors (or the absence of them) could cause your insurance premiums to rise? To understand what makes your...Fri, 06 Nov 2015 17:51:00 -0600You may already know the importance of shopping around to score the best rate on your auto insurance premiums, but did you know that certain factors (or the absence of them) could cause your insurance premiums to rise? <br />
<br />
To understand what makes your insurance premiums spike, it helps to understand the basic nature of auto insurance: Insurers make money when they insure drivers who don't have accidents, and don't make claims. They lose money when the opposite happens. As such, it is in the insurer's best interest to predict driver risk factors as accurately as possible. When any of the following factors are present in your life, they indicate an increased likelihood that you, as a potential auto insurance policyholder, may have an insurance claim that will cost the insurer money. To compensate for the increased likelihood of a payout, insurers charge you more money in the form of a raised premium. Here are six things that spike your auto insurance.<br />
<br />
<strong>Buying a New Car<br />
</strong>Because a new car as an asset is worth more money than an older model, it will cost more to replace. Additionally, if you finance or lease your new car purchase, most lenders require you to carry full coverage at a stated level, which makes it impossible to skimp or strategize only on the coverage you need. You can be wise about how your new ride will impact insurance premiums before you buy. According to a recent study by Insure.com, the cheapest new cars to insure tend to be larger, sturdy models such as minivans, SUVs and trucks. Don't assume that premium boosts come only with a flashy sports car or other high-priced model. The study indicated that the Honda Civic, for example, commands higher insurance rates simply because it tends to be driven by younger, childless owners who are inherently deemed riskier than parents. Further, it's one of the most stolen vehicle models in the United States. <br />
<br />
<strong>Increasing Your Commute<br />
</strong>Long commutes to work don't just cost you in time and fuel; they'll also boost your auto insurance premiums. Again, the risk is much greater that you'll get into an accident when you're driving during rush hour. Further, if you are in a profession that involves frequent driving, like a pizza delivery person or salesperson, you'll pay for the increased time that you spend in the car because more time spent driving increases the risk of an accident.<br />
<br />
<strong>Moving<br />
</strong>Though actual risk is determined by the zip code you live in, city residents statistically have more accidents, which drives their premiums higher than those who live in rural areas. Additionally, more people living in an area means more claims, which is reflected in the higher premium prices in such places. If you've recently taken up residence in New Mexico, Alabama, Oklahoma or Florida, expect to pay higher premiums. According to the Insurance Research Council<em>,</em> these states have the greatest concentrations of uninsured motorists, which ultimately seeps into insured drivers' premiums.<br />
<br />
<strong>Marital Status and Age<br />
</strong>If you're unmarried and without children, you're considered part of a higher-risk category than married couples with kids. If you're 26 or younger, and male, you'll pay even more.<br />
<br />
<strong>Dumping Your Auto Insurance<br />
</strong>If you ditched your auto insurance in an effort to save some money, you've committed a classic case of being "penny smart and pound-foolish." Not having any auto insurance, even for just over 30 days, will cause your premiums to jump. <br />
<br />
<strong>Having a Brush with the Law<br />
</strong>Having no accidents or tickets will lower your auto insurance premiums and, as you might imagine, having either or both could raise them. When and if you'll see the spike is largely determined by your locale and your insurance provider. Insurance companies use a "merit plan" system. Most insurance companies periodically scan for recent traffic violations, whether you are a new or existing customer. After you commit a traffic violation and your insurer learns of it, your auto insurance rates could be higher for the next few years.<br />
<br />
<strong>The Bottom Line<br />
</strong>Auto insurance rates are often based on factors out of your immediate control, including age, occupation and accidents. Understanding what factors cause your auto insurance rates to spike can help you to shop around for a more competitive provider before you receive a surprise rate increase. It may also cause you to rethink some of your current driving habits.
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.investopedia.com/financial-edge/1012/6-things-that-spike-your-auto-insurance.aspx">Source</a></p>urn:uuid:fc4c9d58-6259-43d6-911f-cd5f60188600http://www.nwinsurance.com/blog/homeowners-insurance-protects-you-from-halloween-horrors.aspxHomeowners Insurance Protects You from Halloween HorrorsWhen zombies, Snookies, and Lady Gagas storm your front door this weekend, don&rsquo;t fear! Your homeowners insurance will protect you from Halloween mishaps. Halloween is all fun and games until a trick-or-treater trips, knocks over your jack-o-lan...Fri, 30 Oct 2015 11:00:00 -0500<h2>When zombies, Snookies, and Lady Gagas storm your front door this weekend, don&rsquo;t fear! Your homeowners insurance will protect you from Halloween mishaps.</h2>
<p>Halloween is all fun and games until a trick-or-treater trips, knocks over your jack-o-lantern, and sets your front porch on fire. Fortunately, most homeowners insurance policies cover these common Halloween home mishaps:</p>
<ul>
<li><strong>Tricksters damage your home.</strong> Standard homeowners policies cover vandalism, such as dents in your siding caused by eggs thrown at your home, when repair costs exceed your deductible. </li>
</ul>
<ul>
<li><strong>Candles or decorations cause a fire.</strong> A fire started by a Halloween candle or a string of holiday lights will be covered. If the fire makes your home unlivable, your homeowners policy will pay your living expenses while you wait for repairs.</li>
</ul>
<ul>
<li><strong>A trick-or-treater gets hurt on your property.</strong> Injuries to trick-or-treaters or your party guests are covered by the homeowner liability portion of your policy. The injured person files a claim with your insurer.</li>
</ul>
<ul>
<li><strong>You crash your car into a telephone pole to avoid hitting a trick-or-treater in your driveway.</strong> That accident would be covered by the collision portion of your auto insurance (if you have it). If you hurt anyone, the liability portion of your auto insurance would cover the cost of their treatment.</li>
</ul>
<p>If everything on this list of Halloween home horrors occurred, your umbrella insurance would kick in to cover costs &mdash; if you have it.</p>
<p>To make your property safe for Halloween, the Insurance Information Institute has these recommendations:</p>
<ul>
<li>Pick up anything in your front yard, sidewalk, stoop, or porch that a person could trip over.</li>
</ul>
<ul>
<li>Turn on your outdoor lighting so kids can see where they&rsquo;re going.</li>
</ul>
<ul>
<li>Use battery-powered lights in your jack-o-lanterns.</li>
</ul>
<ul>
<li>Don&rsquo;t put matches, lighters, or candles in places children can reach.</li>
</ul>
<ul>
<li>Pets, candles, and trick-or-treaters don&rsquo;t mix. Keep pets away from the front door on Halloween.</li>
</ul>
<ul>
<li>Look for safety certifications, such as UL (Underwriters Laboratories), on your decorative lights.</li>
</ul>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.houselogic.com/home-advice/home-insurance/home-owners-insurance-protects-halloween/">Source</a></p>urn:uuid:aa799116-eee8-41b6-abdc-5398231cc4e2http://www.nwinsurance.com/blog/four-things-every-homeowner-should-upgrade.aspxFour Things Every Homeowner Should Upgrade You probably wouldn't hold onto the same cell phone for 20 years, right? Home items like your thermostat are no different! While your entire house doesn&rsquo;t need to be on the cutting edge, these four items are worth upgrading: Homeowners Insura...Fri, 23 Oct 2015 14:00:00 -0500<p>
You probably wouldn't hold onto the same cell phone for 20 years, right? Home items like your thermostat are no different! While your entire house doesn&rsquo;t need to be on the cutting edge, these four items are worth upgrading:</p>
<p>
<span style="color: #46a088;"><strong>Homeowners Insurance. </strong></span>If there&rsquo;s a flood, are you covered? And what happens if your grandfather&rsquo;s watch is stolen? Not all homeowners insurance policies are created equal, so take a few minutes to get to know your policy now before problems arise later. Crosscheck your policy with this list of common things that aren&rsquo;t covered to make sure your needs are met. If important coverage is missing, upgrade!&nbsp;</p>
<p>
<span style="color: #d65981;"><strong>Locks. </strong></span>Last year, almost 30 percent of burglaries were no-force entries, which means that the thief simply came in through a door or window! To prevent this from happening, the National Crime Prevention Council recommends that every exterior door &ndash; from the patio to the front porch &ndash; have a dead-bolt lock with a one-inch throw. (This means that the bolt passes one inch into the doorframe.) If your lock isn&rsquo;t up to snuff, it may be time to replace your door hardware.</p>
<p>
<span style="color: #ffa331;"><strong>Light Bulbs. </strong></span>Rocking incandescent bulbs in your lamps is like using a clunky flip phone. It made sense about ten years ago, but it&rsquo;s time to modernize! If you&rsquo;ve been resistant to purchasing CFL bulbs because they&rsquo;re a little more expensive, it&rsquo;s important to know that they use 1/5 of the power and last 6-10 times longer than incandescent bulbs. This means that upgrading the bulbs in your house to CFL can save you about $30 per bulb!</p>
<p>
<span style="color: #9aae36;"><strong>Thermostat. </strong></span>For less than $50, your house can have perfectly controlled temperatures with zero effort on your part. All you need is a programmable thermostat! Not only does a programmable thermostat make your life easier, it can save you about $180 a year on energy costs (that&rsquo;s worth about 50 lattes at Starbucks). Plus, they&rsquo;re easy to install! <strong>Tip:</strong> If you&rsquo;d rather hire someone to make the switch for you, we recommend hiring a handyman. &nbsp;</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="https://brightnest.com/posts/2x4-four-things-every-homeowner-should-upgrade" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:2f3a5eba-5396-4d83-b002-be5648ba0909http://www.nwinsurance.com/blog/four-things-every-homeowner-should-do.aspxFour Things Every Homeowner Should Do What makes something worthwhile? When it comes to your home, it&rsquo;s all about long-term benefits. These four actions will save you tons of time and money down the road! Plant Trees.&nbsp;If you have a yard that can handle it, planting a few tre...Fri, 02 Oct 2015 15:00:00 -0500<p>
What makes something worthwhile? When it comes to your home, it&rsquo;s all about long-term benefits. These four actions will save you tons of time and money down the road!</p>
<p>
<span style="color: #46a088;"><strong>Plant Trees.</strong></span>&nbsp;If you have a yard that can handle it, planting a few trees on your property will go a long way. Not only will trees provide comfortable shade and reduce your cooling bills during the summer, they'll also&nbsp;increase your property value by 7 to 15 percent&nbsp;over time. Win-win!</p>
<p>
<span style="color: #d65981;"><strong>Keep Track of the Past. </strong></span>Ten years from now, are you going to remember the exact date you had your roof repaired? Probably not! Routine maintenance and upkeep is a lot easier when you have detailed records of everything that&rsquo;s happened to your home, so record as you go.</p>
<p>
<span style="color: #ffa331;"><strong>Inspect &ldquo;Hidden&rdquo; Areas. </strong></span>How is the insulation in your attic looking these days? What about the pipes in your basement? These unseen areas of your house can fall into disrepair if you don&rsquo;t check them out every once in a while! For a more detailed list of important spots, read: Inspect This! The BrightNest Home Maintenance Roundup.</p>
<p>
<span style="color: #9aae36;"><strong>Be Proactive.&nbsp;</strong></span>It&rsquo;s easy to ignore small problems around the house. But if you get into the habit of ignoring issues like&nbsp;squeaky doors,&nbsp;peeling wallpaper&nbsp;and&nbsp;dripping faucets, you no longer have a "small problem." You have a Frankenstein monster of minor complications. The solution is easy: if something's broken, simplify your life by taking care of it right away.</p>
<p style="font-style: italic; font-size: 0.8em; text-align: right;">Read More: <a href="https://brightnest.com/posts/2x4-four-things-every-homeowner-should-do" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" target="_blank">Source</a></p>urn:uuid:8ef32f3e-13ac-4cc3-8ba0-36ade3809240http://www.nwinsurance.com/blog/will-filing-an-insurance-claim-raise-your-rates.aspxWill Filing An Insurance Claim Raise Your Rates?You buy insurance to protect your home and car from damage, but when an accident happens, is it in your best interest to file a claim? It seems like the answer should be a resounding "yes," but a middling "maybe" is a far better response. Why the amb...Fri, 25 Sep 2015 14:49:00 -0500You buy insurance to protect your home and car from damage, but when an accident happens, is it in your best interest to file a claim? It seems like the answer should be a resounding "yes," but a middling "maybe" is a far better response. Why the ambiguity? The decision to file a claim can have a major impact on your insurance rates, even if the accident was minor or was not your fault.<br />
<br />
<strong>The Claim Game<br />
</strong>Regardless of the scope of the accident or who was at fault, the number of insurance claims you file has a direct impact on your rates. The greater the number of claims filed, the greater the likelihood of a rate hike. File too many claims and the insurance company may not renew your policy. Similarly, if the claim is being filed based on damage that you caused, your rates will almost surely rise.<br />
<br />
On the other hand, if you aren't at fault, your rates may or may not remain unchanged. Getting hit from behind when your car is parked or having siding blow off of your house during a storm are clearly not your fault and may not result in rate hikes, but this isn't always the case. Mitigating circumstances, such as the number of previous claims you have filed, the number of speeding tickets you have received, the frequency of natural disasters in your area (earthquakes, hurricanes, floods) and even a low credit rating can all cause your rates to go up even if the latest claim was made for damage that you did not cause.<br />
<br />
<strong>Most/Least Damaging Claims<br />
</strong>When it comes to rate hikes, not all claims are created equal. Dog bites, slip-and-fall personal injury claims, water damage and mold are red flag items to insurers. These items tend to have a negative impact on your rates and on your insurer's willingness to continue providing coverage.<br />
<br />
On the other hand, the much dreaded speeding ticket may not cause a rate hike at all. Many companies forgive the first ticket. The same goes for a minor automobile accident or a small claim against your homeowner's insurance policy.<br />
<br />
<strong>Rate Hikes<br />
</strong>Filing a claim often results in a rate hike that could be in the 20-40% range. The increased rates stay in effect for years, although the size and longevity of the hike can vary widely from insurer to insurer. At some firms the increase lasts just two years, while at others it may last for five. If your insurer drops your coverage, you may be forced to purchase high-risk insurance, which can come with extraordinarily expensive premiums.<br />
<br />
<strong>To File or Not to File?<br />
</strong>There are no hard-and-fast rules around rate hikes. What one company forgives, another won't forget. Because any claim at all may pose a risk to your rates, understanding your policy is the first step toward protecting your wallet. If you know that your first accident is forgiven or that a previously filed claim won't count against you after a certain number of years, the decision of whether or not to file a claim can be made with advance knowledge of the impact it will or won't have on your rates. Talking to your agent about the insurance company's policies long before you need to file a claim is also important. Some agents are obligated to report you to the company if you even discuss a potential claim and choose not to file. For this reason, you also don't want to wait until you need to file a claim to inquire about your insurer's policy regarding consultation with your agent.<br />
<br />
Regardless of your situation, minimizing the number of claims you file is the key to protecting your insurance rates from a substantial increase. A good rule to follow is to only file a claim in the event of catastrophic loss. If your car gets a dent on the bumper or a few shingles blow off of the roof on your house, you may be better off if you take care of the expense on your own. <br />
<br />
If you car is totaled in an accident or the entire roof of your house caves in, filing a claim becomes a much more economically feasible exercise. Just keep in mind that even though you have coverage and have paid your premiums on time for years, your insurance company may decline to renew your coverage when your policy expires.<br />
<br />
<strong>A Strategy to Save on the Cost of Your Policy<br />
</strong>Understanding the logic behind filing a claim only in the event of a large loss also provides insight into how to save a few dollars on your insurance premiums. Because you aren't going to file a claim in the event of a minor loss, having a low deductible on your policy makes no financial sense. If you already plan to pay for the first $500 or $1,000 dollars worth of damage out of your own pocket, set aside that amount in an interest-bearing savings account and raise your insurance deductible to match the number. Increasing your deductible will result in lower insurance rates, and the cash in the bank will cover your out-of-pocket costs in the event of an accident. <br />
<br />
<strong>The Bottom Line<br />
</strong>When you pay your insurance premiums regularly and on time, it may seem like you should be able to file as many legitimate claims as you want. Unfortunately, the industry doesn't work this way. Filing too many claims or certain kinds of claims can have an adverse effect on your insurance rates or even get your policy canceled altogether after the claim has been paid. To avoid unfair rate hikes and unpleasant financial surprises, do your homework and learn about your particular insurer's policies and industry practices long before you ever need to file a claim.
<p style="text-align: right; font-style: italic; font-size: 0.8em;">Read More: <a target="_blank" style="font-style: italic; color: black; font-size: 1em; text-decoration: none;" href="http://www.investopedia.com/articles/pf/08/claim-raise-rates.asp">Source</a></p>